Trade Strategy 8.31.16

Markets

U.S. Treasuries are set for their largest monthly loss since June 2015 after a slew of hawkish rhetoric from Fed officials almost doubled the probability of a September rate hike to 34% in the futures market. Fed Vice Chairman Stanley Fischer said Tuesday that any increase will be data dependent, having previously pointed to employment figures on Friday as being of key importance.

In Asia, Japan +1% to 16887. Hong Kong -0.2% to 22976. China +0.4% to 3085. India +0.4% to 28452.
In Europe, at midday, London -0.2%. Paris +0.6%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude -0.7% to $46.03. Gold flat at $1316.90.
Ten-year Treasury Yield +1 bps to 1.58%

(Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 Chicago PMI
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
3:00 Farm Prices

PTG Trading

Price failed to expand above CD2 High  (2182.25) and as such the decline begin since price had previously achieved cycle target. Solid buy response was found at 2168.50, so we will mark this new level as key support.

Today is Cycle Day 1 (CD1)…Normal is for decline to continue which began in prior session. Overall Average True Range remains historically low (13.68)…There is potential to reach 2160.50 Average CD1 Decline and retest Jackson Hole lows.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2186.00; LOD Range Projection: 2162.50; Cycle Day 1 Low: 2157.50; 3 Day Central Pivot: 2173.75; 3 Day Cycle Target: 2182.25; 10 Day Average True Range: 13.68

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bulls will need to hold any selling above 2168 handle and convert 2178 to upper support. Upside objective is 2182.25 (PH) followed by 2186.00 HOD Projection.

Scenario 2: Bears want a follow-through session today to force selling below 2168.50 (PL)…Should this occur next objective will be to test 2160 handle for security.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.30.16

Markets

EU antitrust regulators have ordered Apple (NASDAQ:AAPL) to pay up to €13B ($14.5B) in taxes to the Irish government after ruling that a special scheme to route profits through the country was illegal state aid. “In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1% on its European profits in 2003 down to 0.005% in 2014,” Commissioner Margrethe Vestager declared. Apple and Ireland said they would appeal the decision. AAPL -2.7% premarket.

In Asia, Japan -0.1% to 16725. Hong Kong +0.9% to 23016. China +0.2% to 3074. India +1.6% to 28343.
In Europe, at midday, London +0.1%. Paris +0.8%. Frankfurt +0.9%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.3%. Crude +0.6% to $47.27. Gold -0.4% to $1322.30.
Ten-year Treasury Yield +1 bps to 1.58%

(Source: Seeking Alpha)

Economic Calendar

8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index

PTG Trading

S&P e-mini (ES) rallied on Cycle Day 2 to reach 2182.25 (HOD) and 3 Day Average Cycle Rally Target. Residual bullish swing momentum can continue to push price higher today, otherwise since cycle target is fulfilled, price may drift aimlessly.

Today is Cycle Day 3 (CD3)…Cycle target has been fulfilled at 2182.25. We will continue to play from long-side above 2175 handle Key Support formed in prior session. Cycle expansion target measures 2190 handle.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2190.00; LOD Range Projection: 2167.50; Cycle Day 1 Low: 2157.50; 3 Day Central Pivot: 2173.00; 3 Day Cycle Target: 2182.25; 10 Day Average True Range: 13.45

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bulls will need to keep price above 2175 handle which is marked as key support. IF price can clear and convert 2182.25 (PH), THEN upside is open to 2182.50 – 2186.50 STATX Zone, with 2190 handle as CD3 Max Penetration and HOD Level.

Scenario 2: Bears objective is to force selling below 2175 handle…They have been unable to coordinate any real offensive sell-off, so with generally quiet week on tap any decline may be feeble at best. key 3 Day Central Pivot is marked at 2173.00.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.26.16

Markets

“We see Jackson Hole as the ‘ready’ warning and look for Chair Yellen to err on looking at the optimistic side” of the outlook, says UBS’s Drew Matus, though he doesn’t expect an actual move on rates by the Fed until December. Barclays’ Michael Gapen says a solid August employment report (due Sept. 2) means a September rate hike. If Yellen signals as such, it would be a surprise, as markets currently price in just about a 20% chance of a higher policy rate in September. The subject of Yellen’s talk is “The Federal Reserve’s Monetary Policy Toolkit,” and it’s due to start at 10:00 am ET.

In Asia, Japan -1.2% to 16360. Hong Kong +0.4% to 22909. China -0.2% to 9743. India -0.1% to 27499.
In Europe, at midday, London +0.1%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq flat. Crude -0.3% to $47.19. Gold +0.4% to $1329.20.
Ten-year Treasury Yield flat at 1.57%

(Source: Seeking Alpha)

Economic Calendar

8:30 GDP Q2
8:30 Corporate Profits
8:30 International trade in goods
10:00 Reuters/UofM Consumer Sentiment
10:00 Janet Yellen speech
1:00 PM Baker-Hughes Rig Count

PTG Trading

Range trade was the theme of prior session as price failed to clear 2179.25 (CD1 Low)…It was only able to muster 2176 handle, which is 75% of ATR (10)…An already dismal 10.95.

Today is Cycle Day 1 (CD1)…Normal decline…Retest of 2168 handle would be critical test of bull/bear resolve…Clear and convert 2176 handle would be favorable for bulls. Summertime Friday is expected to be relatively quiet as many traders and portfolio managers remain on vacation.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2183.75; LOD Range Projection: 2165.00; Cycle Day 1 Low: 2179.25; 3 Day Central Pivot: 2178.50; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 10.95

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bulls need to convert 2176 handle to upper support for 1st Sign of Strength (SOW)…2179.25 (CD1 Low) continues to be an objective for Positive 3 Day Rally.

Scenario 2: Bears want to bury the bulls below 2168 handle…Today would be the day IF they can collectively force selling…Though they have a slight advantage past couple days, bulls resolve has been impressive.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.25.16

Markets

European shares and U.S. stock futures were lower at the time of writing while Asian shares ended mixed ahead of the opening of the central bankers’ symposium at Jackson Hole today. With nothing much else going on this week market-wise – and with many of their colleagues probably lying on a beach somewhere – traders who are at work have been focusing on what Fed Chair Janet Yellen might say in a speech tomorrow about possible interest-rate rises in the U.S. Macro-strategist Kay Van-Petersen may well be speaking for many, though, in her assertion that “people are reading way, way too much” into the conference.

In Asia, Japan -0.3% to 16556. Hong Kong flat at 22827. China -0.4% to 9761. India -0.8% to 27836.
In Europe, at midday, London -0.3%. Paris -0.7%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.2%. S&P -0.15%. Nasdaq -0.2%. Crude +0.2% to $46.88. Gold -0.2% to $1326.55.
Ten-year Treasury Yield -1 bps to 1.55%.

(Source: Seeking Alpha)

Economic Calendar

Monetary policy symposium
8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

PTG Trading

“Houston…We have movement”…Finally following near endless days of narrow ranges with anemic volumes, trade activity picked up as sellers appeared in greater quantity following failure to break through the 2191 barrier. Traders used this signal to flood the market with persistent sell orders, finally breaking the multi-day stalemate.

Today is Cycle Day 3 (CD3)…Price is currently below CD1 Low (2179.25)…Odds favor at least getting back to this level during today’s session…Should this occur, then price can go in either direction. Bears will try to repel any rally attempt by bulls…so with range beginning to expand, potential is increased for better trading tone…We Hope!

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2180.50; LOD Range Projection: 2165.00; Cycle Day 1 Low: 2179.25; 3 Day Central Pivot: 2180.75; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 11.32

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bulls will need to hold off any additional selling above PL (2168.75) and move price back above 2179.25 to notch a Positive 3 Day Rally.

Scenario 2: Bears will work hard to keep any rally attempt in-check below 2179.25 (CD1 Low)…Should they be successful, they want to drill price lower to force weak longs out…Lower targets to be mindful of are: 2167.75 – 2165.50 STATX Zone and 2161.25 CD3 Max Violation Level.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.24.16

Markets

European shares and U.S. stock futures were higher at the time of writing following a mixed day in Asia as investors stayed cautious amidst the deep summer vacation slumber and ahead of a speech by Fed Chair Janet Yellen on Friday at the annual central-bankers parley in Jackson Hole, where she may or may not signal when the Fed may or may not raise rates. Japan’s Nikkei closed +0.6%, apparently boosted by a fall in the yen versus the dollar.

In Asia, Japan +0.6% to 16597. Hong Kong -0.8% to 22821. China -0.5% to 9791. India +0.25% to 28060.
In Europe at midday, London -0.2%. Paris +0.5%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude -1.6% to $47.32. Gold -0.3% to $1341.75.
Ten-year Treasury Yield flat at 1.55%.

(Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
9:00 FHFA House Price Index
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction

PTG Trading

S&P e-mini (ES) edged higher in prior session to test last weeks high pivot (2190.50) before settling back at 2185 (breakout level). It will be key for bulls to convert 2186 to higher support in order to keep yesterday’s push intact.

Today is Cycle Day 2 (CD2)…In overnight trade price has pulled back to 3 Day Central Pivot (2181.75) and has found responsive buyers. Currently in pre-cash session price is trading @ 2186 handle. As stated, bulls will need to convert this level to higher support to keep rally which began in prior session going.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2191.50; LOD Range Projection: 2177.00; Cycle Day 1 Low: 2179.25; 3 Day Central Pivot: 2181.75; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 10.93

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bulls will need to keep price above 2181.75 and convert 2186 to higher support. IF this occurs, THEN initial objective is to retest 2190.50 SPOT. Conversion and upper targets are 2197.00 – 2200 zone.

Scenario 2: First Sign of Weakness (SOW) would be failure to hold 3D CPZ (2182.50 – 2181.00) as support. There have been multiple levels of buying response at lower levels, such as, 2179.25, 2177, 2172.25.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.23.16

Markets

Global markets are slightly higher in a week largely dominated by the upcoming Federal Reserve meeting in Jackson Hole, Wyoming. A speech on Friday by Fed Chair Janet Yellen could settle the matter on if a September rate hike should be priced in. South Korea, Australia and the main China index showed gains, while the Nikkei 225 fell slightly after Japanese flash PMI for August came in weak at 49.6. European markets are in positive territory after August PMI readings didn’t show significant Brexit blowback, with the Euro Stoxx 50 up 0.84% in midday trading.

Oil prices are lower again as the market digests reports indicating that Iraq is preparing to ramp up its export levels. Iraq oil production rose sharply in July to hit 3.71M barrels a day. Strong oil output out of China and a new ceasefire with militants in Nigeria are also being eyed by traders. WTI crude oil futures -0.80% to $47.03/bbl. Brent crude -1.14% to $48.60/bbl

In Asia, Japan -0.61% to 16497. Hong Kong +0.2% to 22998. China +0.2% to 3090. India -0.01% to 27972 .
In Europe, at midday, London +0.61%. Paris +0.70%. Frankfurt +0.90%.
Futures at 6:20, Dow +0.3%. S&P +0.2%. Nasdaq +0.3%. Crude -0.80% to $47.03. Gold -0.01% to $1343.30.
Ten-year Treasury Yield flat at 1.56%

(Source: Seeking Alpha)

Economic Calendar

8:55 Redbook Chain Store Sales
10:00 New Home Sales
10:00 Richmond Fed Mfg.
1:00 PM Results of $26B, 2-Year Note Auction

PTG Trading

S&P e-mini (ES) traded in an eleven handle range which matches the 10 Day Average True Range. Intra-Session volatility was actually high as there were a few algorithmic price spikes in both directions as traders/investors battle for ultimate control. At session close, price held key support at 2176 handle. In overnight trade price is attempting to clear the all important 2186 handle we have outlined recently. Range projections are outlined in next section below.

Today is Cycle Day 1 (CD1)…Norm is for some type of decline…Recent declines on CD1 have been shallow and is a testament of bullish sentiment.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2190.00; LOD Range Projection: 2177.00; Cycle Day 1 Low: 2176.25; 3 Day Central Pivot: 2180.25; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 10.82

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: IF price clears and converts 2186 handle, THEN upside is open to reach 2190 HOD Range Projection, followed by 2194 – 2197 Cycle Penetration and 3D targets.

Scenario 2: Initial sign of weakness would be a conversion of 2176 handle to lower resistance. Should this unfold downside break could carry price to 2166 – 2162 zone.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.22.16

Markets

European shares and U.S. stock futures were lower at the time of writing following a broad drop in Asia overnight. A 0.3% decline in the euro versus the dollar amid speculation about when the Fed will raise interest rates had apparently boosted exporters earlier in Europe. Vice-Chairman Stanley Fischer did nothing to dispel the feeling in a speech yesterday that the Fed will increase rates sooner rather than later as he gave an upbeat assessment about the economy.

In Asia, Japan +0.3% to 16598. Hong Kong +0.3% to 22998. China -0.5% to 9815. India -0.3% to 27986.
In Europe, at midday, at midday, London -0.5%. Paris -0.2%. Frankfurt-0.3%.
Futures at 7:10, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -2.8% to $47.73. Gold -0.5% to $1339.95.
Ten-year Treasury Yield flat at 1.58%

(Source: Seeking Alpha)

Economic Calendar

No Events

PTG Trading

Early Session weakness recovered as options expiration kept price contained as it has been all month. Not much has really changed, so expectation remains for quiet trade at least for next two-weeks. You might want to check out the Seasonality Tool at StockCharts.com to give you a perspective of how trading activity is distributed monthly.

Today is Cycle Day 3 (CD3)…Price still need to clear and convert 2186 handle to upper support to generate higher prices…2168 – 66 zone remains key support…Expectation for direction to day is a coin-flip until there is a definitive breakout.

We washed the deck last week…This week is the white picket fence…

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2186.25; LOD Range Projection: 2174.00; Cycle Day 1 Low: 2176.25; 3 Day Central Pivot: 2179.00; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 10.63

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: IF price converts 2186 to upper support, THEN upside is open to 2192.50 – 2197 zone.

Scenario 2: Violation and conversion of CD1 Low (2176.25) to lower resistance would be initial sigh of weakness…Lower levels measure a potential retest of 2165 pivot.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.19.16

Markets

The price of crude is now within striking distance of $50 a barrel, putting the commodity nearly 22% above the $39.51 it touched on Aug. 2. Chatter about an OPEC production freeze makes for a good excuse, but Iran’s plans to raise its output back up to pre-sanction levels calls that into question. Also helping the bulls: Hurricane season is on the way and the U.S. National Oceanic and Atmospheric Administration recently boosted its expectations for storm activity

In Asia, Japan +0.4% to 16545. Hong Kong -0.4% to 22937. China +0.1% to 3108. India -0.2% to 28077.
In Europe, at midday, London -0.2%. Paris -0.8%. Frankfurt -0.4%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.3%. Crude -0.1% to $48.83. Gold -0.5% to $1350.40.
Ten-year Treasury Yield +1 bps to 1.54%

(Source: Seeking Alpha)

Economic Calendar

1:00 PM Baker-Hughes Rig Count

PTG Trading

S&P 500 e-mini (ES) traded again in a relatively narrow range with a Gaussian Distribution Volume Profile pattern. Trade opportunities were minimal as price oscillated around 3D Central Pivot (2179.00) in a 6.75 cash session range. 10 Day Average True Range is now 11.32 handles. Doesn’t get much narrower than this…

Today is Cycle Day 2 (CD2)…Normal Neutral with upside lean…Options expire today, so that perhaps could have influence on trade activity during morning session…As day wears on trading is expected to become lighter and spotty as traders will head out early to Hamptons for weekend.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2186.50; LOD Range Projection: 2173.00; Cycle Day 1 Low: 2176.25; 3 Day Central Pivot: 2179.00; 3 Day Cycle Target: 2197.00; 10 Day Average True Range: 11.32

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Price will need to clear PH (2184.50) to get some upside breakout to unfold. IF this occurs, THEN objective measures 2193 – 2197 zone.

Scenario 2: Current range is 2176 – 2186…Violation and conversion of 2176 to lower resistance opens door to test 2165 handle, which matches with 2164.50 CD2 Violation Level.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.18.16

Markets

With the Fed still divided over its next move, investors will be looking to the ECB today for some clarity. The central bank will release minutes of its July policy meeting at 8:30 a.m. ET, which should offer clues on how it expects the Brexit vote to affect the eurozone and the extent to which officials are worrying about regional banking problems. Other details might suggest how the ECB would react to any Brexit-related economic fallout.

In Asia, Japan -1.6% to 16486. Hong Kong +1% to 23023. China -0.2% to 3104. India +0.4% to 28123.
In Europe, at midday, London flat. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude +0.3% to $47.64. Gold +0.4% to $1354.50.
Ten-year Treasury Yield -1 bps to 1.55%

(Source: Seeking Alpha)

Economic Calendar

8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Fed’s Dudley Speech
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:00 PM Fed’s Williams: Economic Outlook
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

PTG Trading

Cycle High (2090) which was established on CD1 where the decline began continued into both CD2 and CD3 in prior sessions testing 2168 key support marker. Subsequent bounce has reached back above 2180.50 prior Cycle Low as objective in overnight trade session.

Today begins new Cycle Day 1 (CD1)…Normal is for decline to develop…Current trade structure is supportive of this decline scenario today, as long as 2185 handle is NOT converted. Downside has potential to retest 2165.50 prior low.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2184.75; LOD Range Projection: 2169.75; Cycle Day 1 Low: 2180.50; 3 Day Central Pivot: 2180.50; 3 Day Cycle Target: 2205.00; 10 Day Average True Range: 12.00

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Bullish case needs to have price hold above 2173 handle…Should this occur, upside objective is to convert 2183 – 2185 zone to support.

Scenario 2: Bearish case keeps selling pressure below 2183 handle…Further conversion of 2173 handle to lower resistance increases pressure on bulls to respond. Failure to respond adequately opens door to retest prior lows.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

Trade Strategy 8.17.16

Markets

After saying the economy stands on better footing at its July meeting, the Federal Reserve will publish details of its view today, potentially giving a steer on how likely an interest rate increase will be in September or December. Further calls for rate hikes were heard yesterday from Fed officials William Dudley and Dennis Lockhart, who pointed to ongoing strength in the U.S. labor market and positive indications inflation may pick up.

In Asia, Japan +0.9% to 16745. Hong Kong -0.5% to 22799. China flat at 3109. India -0.2% to 28005.
In Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.1%. flat. Nasdaq flat. Crude -1% to $46.13. Gold -0.7% to $1347.70
Ten-year Treasury Yield flat at 1.58%

(Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Fed’s Bullard speech
2:00 PM FOMC minutes

PTG Trading

This Cycle’s decline was one-day off as price “trickled lower” with a range of only 7.25 handles. 10-Day Average True Range has compressed to 11.18…Options Expiration this week has bulls and bears battling out for control. Big open interest at 2200 strike price.

Today is Cycle Day 3 (CD3)…Price is currently below CD1 Low (2080.50)…Price will need to clear this level to produce a Positive 3 Day Cycle…Next key level above for bulls to convert is 2186.00. Break below 2168 handle weakens the current structure in favor of “da bears”.

Range Projections and Key Levels: Sept (U) Contract

HOD Range Projection: 2194.75; LOD Range Projection: 2184.50; Cycle Day 1 Low: 2180.50; 3 Day Central Pivot: 2182.00; 3 Day Cycle Target: 2205.00; 10 Day Average True Range: 11.18

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Click Here

Today’s Hypotheses: September (U) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: Price needs to auction back above 2180.50 for a positive cycle and hold for conversion. Next objective is to push beyond 2182 – 2186 zone to expand higher.

Scenario 2: Failure to convert 2180.50 is a sign of weakness…Further violation and conversion of 2168 handle is a breakdown, opening door for lower price 2162 handle.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN