Trade Strategy 11.30.16

Markets

Hope is growing for a pact to cut crude output as OPEC oil ministers voice optimism at their all-important meeting in Vienna. Despite some conflicting statements, representatives of Iran, Iraq, Saudi Arabia and the OPEC Secretary-General are assuming the group will reach a deal by this afternoon, when members spell out what they have agreed to in terms of supply levels. Oil related stocks are doing well in the session as the price of crude jumps around 6-7% to over $48 per barrel.

In Asia, Japan flat. Hong Kong +0.2%. China -1%. India +1%.
In Europe, at midday, London +0.8%. Paris +0.4%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.1%. Crude +6.6% to $48.22. Gold -0.2% to $1188.50.
Ten-year Treasury Yield +3 bps to 2.33%

(Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
8:00 Fed’s Kaplan speech
8:15 ADP Jobs Report
8:30 Personal Income and Outlays
9:15 Fed’s Powell speech
9:45 Chicago PMI
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
12:35 Fed’s Mester: Monetary Policy and Economic Outlook
2:00 PM Fed’s Beige Book
3:00 Farm Prices

PTG Trading

Prior Session’s trade successfully tested CD1 Low (2198.25) as buyers stepped-in to absorb the selling. Rally did unfold but was unable to clear 2208 – 2210 key resistance.

Today is Cycle Day 3 (CD3)…Bulls continue to have the edge with an opportunity to expand price higher if they can convert 2110 to upper support. Price has been consolidating with a 10 handle zone, so potential on breakout measures 2218 – 2224.50 Cycle Targets.

Range Projections and Key Levels

HOD  ATR Range Projection: 2211.45; LOD ATR Range Projection: 2199.55; Cycle Day 1 Low: 2198.25; 3 Day Central Pivot: 2204.75; 3 Day Cycle Target: 2224.50; 10 Day Average True Range: 10.70

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

Click Here

Today’s Hypotheses: December (Z) 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 2110 to upper support, THEN upside targets 2218 through 2224.50.

Scenario 2: Violation and conversion of 2200 opens door for downside break of range targeting 2194 – 2192, followed by 2188 – 2183 STATX 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 11.29.16

Markets

Oil prices are giving up some of Monday’s gains ahead of the official start of the latest OPEC meeting in Vienna tomorrow. Things are looking increasingly shaky following reports that OPEC’s technical experts failed to bridge their differences and Russia confirmed it would not attend the gathering. The group is aiming to agree on its first crude output deal since 2008, however, details of a potential accord remain unclear.

In Asia, Japan -0.3%. Hong Kong -0.4%. China +0.2%. India +0.2%.
In Europe, at midday, London -0.6%. Paris +0.5%. Frankfurt flat.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.1%. Crude -1.8% to $46.24. Gold -0.4% to $1189.40.
Ten-year Treasury Yield flat at 2.32%

(Source: Seeking Alpha)

Economic Calendar

8:30 GDP Q3
8:30 Corporate Profits
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Fed’s Dudley Speech
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index

PTG Trading

Bulls continue to hold control, even though Market On Close (MOC) Sell Imbalance topped $1.4B in prior session. Price is holding above CD1 Low (2198.25), which is marked now as Key Cycle Support.

Today is Cycle Day 2 (CD2)…Possible for retest of 2198.25 for validation of “secure low”…Pivot structure remains in bullish configuration…It would take a sustained price move below 2190 – 2192 zone to effectuate a shift.

Range Projections and Key Levels

HOD Range Projection: 2209.75; LOD Range Projection: 2195.00; Cycle Day 1 Low: 2198.25; 3 Day Central Pivot: 2204.75; 3 Day Cycle Target: 2218.50; 10 Day Average True Range: 11.05

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

Click Here

Today’s Hypotheses: December (Z) 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 holds above CD1 Low (2198.25), THEN initial objective is to convert 2206 to upper support. Secondary objective would be to clear and convert PH (2209.5) which would open door to expand to higher target zone between 2216 – 2218.50

Scenario 2: IF CD1 Low is violated and converted to lower resistance, THEN further downside potential exists targeting 2192 – 2194 zone. Weakness below this zone measures 2186 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

Trade Strategy 11.28.16

Markets

Oil prices are bouncing around the $46 level as traders bet on whether OPEC will slash output at its closely watched meeting on Wednesday. While Libya has announced it won’t take part in any OPEC cuts and Saudi Arabia hinted that the oil market would rebalance itself, some still feel the group will be able to rein in global oversupply. Venezuela’s oil minister will also meet his Algerian counterpart later today before the two meet with Russia to seek support for a production cut.

In Asia, Japan -0.1%. Hong Kong +0.5%. China +0.5%. India +0.1%.
In Europe, at midday, London -0.7%. Paris -0.7%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -0.2% to $45.95. Gold +0.9% to $1189.
Ten-year Treasury Yield -4 bps to 2.33%

(Source: Seeking Alpha)

Economic Calendar

10:30 Dallas Fed Manufacturing Survey

PTG Trading

Bulls continue to march price higher as lack of sellers (thin to win) dominate the trading landscape. The 10 day average true range has contracted to 11.30 handles. This favors the bulls, but the warning sign here is that expansion follows contraction…We just do not know when…So continue to play the very best patterns and signals.

Today is Cycle Day 1 (CD1)…First sign of change in sentiment will be when the 3 Day Central Pivot Zone which is currently in bullish formation shifts to bearish. We will then be able to safely play short-side setups.

Range Projections and Key Levels

HOD Range Projection: 2210.75; LOD Range Projection: 2198.25; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2203.50; 3 Day Cycle Target: 2224.00; 10 Day Average True Range: 11.30

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

Click Here

Today’s Hypotheses: December (Z) 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 is currently trading at 2203.50 3D Central Pivot…IF price can hold above this level THEN primary objective is test 2211.75 prior high. Expansion above this level targets 2210.75 HOD Range Projection

Scenario 2: Sign of Weakness (SOW) would be violation and conversion of 2203.50 to lower resistance. IF this occurs THEN primary target is 2194.50 which is CD1 Average Decline.

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 11.23.16

Markets

The four major U.S. stock market benchmarks closed at all-time highs again on Tuesday, with the Dow ending above 19,000 and the S&P 500 finishing above 2,200 for the first time, and the Nasdaq and Russell 2000 posing new record closes. Futures markets suggest U.S. equities will stabilize today, as oil steadies after an impressive run. Investors are also looking toward U.S. reports on jobless claims, durable goods and consumer confidence.

Minutes of the last Fed meeting may keep a few traders at their desks until mid-afternoon before they bolt for the Thanksgiving holiday. But the release should be anticlimactic after recent comments from Fed officials, who are pointing to a rate increase next month at every opportunity. Fed funds futures currently show the odds of a December rate hike at 100%.

OPEC will debate an oil output cut of between 4%-4.5% at its meeting in Vienna next week, according to Reuters. The deal wouldn’t include Libya or Nigeria, but it’s understood that Iraq and Iran have reservations with Iraq’s foreign minister, who said on Tuesday that OPEC should allow the country to continue raising output without restrictions. If a cut were to be made, OPEC’s current output would reduce by more than 1.2M barrels per day.

In Asia, Japan closed. Hong Kong flat at 22676. China -0.2% to 3241. India +0.4% to 26051.
In Europe, at midday, London +0.3%. Paris -0.6%. Frankfurt -0.8%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude +0.4% to $48.21. Gold flat at $1211.40.
Ten-year Treasury Yield flat at 2.32%

(Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
8:30 Durable Goods
8:30 Initial Jobless Claims
9:00 FHFA House Price Index
9:45 PMI Manufacturing Index Flash
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:00 Consumer Sentiment
10:30 EIA Petroleum Inventories
12:00 PM EIA Natural Gas Inventory
1:00 PM Results of $28B, 7-Year Note Auction
2:00 PM FOMC minutes

PTG Trading

Early profit-taking lead to renewed buying off the 2192.00 intra-day support level as prices reached 3 Day Cycle Rally Target (2203.00) This has been a powerful rally across all sectors and capping off this rally at Cycle Target in fitting style.

Today is Cycle Day 1 (CD1)…Normal is for some type decline…Trading is expected to be very light pre-holiday, so be careful not to over-commit to positions. Uptrend is solidly intact with continued upside potential targeting 2212 – 2216 zone. It would take a shift below 2180 handle to change current bullish sentiment.

Range Projections and Key Levels

HOD Range Projection: 2216.25; LOD Range Projection: 2185.00; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2190.00; 3 Day Cycle Target: 2203.00; 10 Day Average True Range: 18.50

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

Click Here

Today’s Hypotheses: December (Z) 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 PH (2203.00), THEN upside remains wide-open to 2212 – 2216 STATX and Range High Zones.

Scenario 2: Failure to push higher above PH (2203.00) opens door for pullback targeting 2191 – 2189 3 Day Central Pivot 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 11.22.16

Markets

World stocks are riding the slipstream of the first joint all-time high for Wall Street’s four main markets since 1999, with the Dow, S&P 500, Nasdaq Composite and Russell 2000 all hitting new records. “You’ve seen at the beginning of the year that oil can have a very profound effect on equity markets,” said Jeroen Blokland, a senior portfolio manager at Robeco. “Rising commodity prices do help. But I think there is also a bit of an upbeat mood about the Trump election.”

In Asia, Japan +0.3% to 18162. Hong Kong +1.4% to 22678. China +0.9%to 3248. India +0.8% to 25960.
In Europe, at midday, London +1.1%. Paris +0.7%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.5%. Crude +1.5% to $48.98. Gold +0.6% to $1217.30.
Ten-year Treasury Yield -4 bps to 2.29%

(Source: Seeking Alpha)

Economic Calendar

8:55 Redbook Chain Store Sales
10:00 Existing Home Sales
10:00 Richmond Fed Mfg.
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction

PTG Trading

Markets continued on their bullish march reaching new all-time highs across indexes. Price targets outlined in DTS Briefing 11.21.16 have been achieved, as 3 Day Cycle Target (2203) was reached in overnight trade.

Today is Cycle Day 3 (CD3)…Cycle Targets have been achieved, so as such, momentum can continue unabated should the bulls continue pressing higher. The filp-side would be normal for existing longs to take some profits heading into long holiday shortened week. Key Support now is marked between 2176 – 2186 10 handle zone.

Range Projections and Key Levels

HOD Range Projection: 2213.00; LOD Range Projection: 2183.00; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2184.00; 3 Day Cycle Target: 2203.00; 10 Day Average True Range: 19.83

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

Click Here

Today’s Hypotheses: December (Z) 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 has cleared PH (2196.50) in overnight trade. This level will need to hold bid for bullish momentum to continue with target zone between 2203 – 2205.50. Should price accelerate during cash session, extreme targets measure 2212 – 2218 STATX Zone.

Scenario 2: Initial sign of lost momentum would be converting PH (2196.50) to new resistance. Should this unfold lower price zone for renewed buy response is 2191.50 – 2187.50 Central Pivot Zone. Uptrend price structure support is 3D CPZ (2185.25 – 2182.75)

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 11.21.16

Markets

OPEC’s technical committee will meet in Vienna today to discuss the implementation of the Algiers oil-supply pact, finalized on Sept. 28, which would end a two-year policy of pumping without limits. The gathering comes as Iran and Iraq signal optimism for a deal and Russia sees few hurdles to oil producers reaching an agreement on supply levels. A formal OPEC meeting will take place on Nov. 30.

In Asia, Japan +0.8% to 18106. Hong Kong +0.1% to 22357. China +0.8% to 3218. India -1.5% to 25765.
In Europe, at midday, London +0.5%. Paris +0.6%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude +2.1% to $47.34. Gold +0.6% to $1215.60.
Ten-year Treasury Yield flat at 2.33%

(Source: Seeking Alpha)

Economic Calendar

8:00 Stanley Fischer

PTG Trading

S&P e-mini (ES) produced only a shallow decline on Cycle Day 1 (CD1) and held firm bid throughout prior session. Overnight trade action is relatively quiet as price continues to hold above rising trend structure.

Today is Cycle Day 2 (CD2)…Expectation today is for some back n fill trade with upside trend bias. As holiday week is upon us, “thin to win” will be name of game as bears are unable to mount any counter attack. Price is very near to making new contract highs, so anything goes for the shortened holiday trading week.

Range Projections and Key Levels

HOD Range Projection: 2201.50; LOD Range Projection: 2163.00; Cycle Day 1 Low: 2176.50; 3 Day Central Pivot: 2179.25; 3 Day Cycle Target: 2199.00; 10 Day Average True Range: 22.88

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

Click Here

Today’s Hypotheses: December (Z) 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 PH (2187.50) to upper support, THEN upside is unobstructed with targets measuring between 2196.50 – 2201.50 zone.

Scenario 2: Sign of Weakness (SOW) would be converting CD1 Low (2165.50) to lower resistance. IF this occurs, THEN downside to 2170 – 2168 zone, followed by 2165 – 2163 range projections.

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 11.18.16

Markets

Fedspeak will continue today with speeches from James Bullard, Esther George, William Dudley, Robert Kaplan, Charles Evans and Jerome Powell. Yesterday, Janet Yellen’s congressional testimony took the spotlight. The Fed Chair signaled a December move, suggesting a rate hike could come “relatively soon,” and downplayed rumors that a Trump administration could push her out of her job early.

In Asia, Japan +0.6% to 17967. Hong Kong +0.4% to 22344. China -0.5% to 3192. India -0.3% to 26150.
In Europe, at midday, London -0.5%. Paris -0.5%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.1%. S&P -0.2%. Nasdaq -0.1%. Crude -1.5% to $44.72. Gold -0.7% to $1208.40.
Ten-year Treasury Yield +3 bps to 2.3%

 (Source: Seeking Alpha)

Economic Calendar

5:30 Fed’s Bullard speech
9:30 Fed’s George speech
10:00 Leading Indicators
11:00 Kansas City Fed Mfg Survey
1:00 PM Baker-Hughes Rig Count
1:30 PM Fed’s Kaplan speech

PTG Trading

Price continued to hold key support in prior session as bulls muscled price higher reaching 3 Day Cycle Target between 2185 – 2186. Momentum could take price to new contract highs today following Dow Jones earlier this week.

Today is Cycle Day 1 (CD1)…Bullish momentum is intact, so any decline may be shallow…It would take a reversal down through 2160  70 zone to mark the beginning of a more meaningful decline. Current expectation is for continued strength and new contract highs. Three-Day Average True Range (12.25) has been contracting, which favors bulls.

Range Projections and Key Levels

HOD Range Projection: 2200.00; LOD Range Projection: 2162.00; Cycle Day 1 Low: 2158.50; 3 Day Central Pivot: 2176.25; 3 Day Cycle Target: 2186.00; 10 Day Average True Range: 23.40

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

Click Here

Today’s Hypotheses: December (Z) 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 PH (2185.50), THEN new contract highs may push higher targeting 2196.50 – 2200.

Scenario 2: Violation and conversion of 2172 – 74 zone to lower resistance would be first sign of weakness. Lower targets measure 2168 down to 2162 – 58 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 11.17.16

Markets

Fed chair Janet Yellen is due to appear before the Joint Economics Committee in Washington, where she’s likely to be quizzed on how tax cuts or fiscal stimulus under Trump could affect the economic and interest rate outlook. Don’t expect a clear answer. Almost every Fed official who spoke publicly so far this week has been asked those questions, but said they’re unsure because it’s not yet obvious which policies will be pursued and enacted.

In Asia, Japan flat at 17862. Hong Kong -0.1% to 22262. China +0.1% to 3208. India -0.3% to 26227.
In Europe, at midday, London +0.4%. Paris +0.1%. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.3%. Crude +0.9% to $46.53. Gold +0.5% to $1229.60.
Ten-year Treasury Yield -2 bps to 2.2%

 (Source: Seeking Alpha)

Economic Calendar

8:30 Initial Jobless Claims
8:30 Housing Starts
8:30 Philly Fed Business Outlook
8:30 Consumer Price Index
8:50 Fed’s Dudley Speech
9:45 Bloomberg Consumer Comfort Index
10:00 Yellen delivers testimony before the joint economic committee
10:00 E-Commerce Retail Sales
10:30 EIA Natural Gas Inventory
12:30 PM Fed’s Reserve Gov. Lael Brainard speech
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

PTG Trading

As expected, prior session’s range was held “in-check” as price consolidated holding above 2168 – 70 newly marked support…Outlined in prior DTS Briefing 11.16.16” The breakpoint zone of 2168 – 70 will be first test of bulls sustainability.”

Today is Cycle Day 3 (CD3)…There remains room to expand higher as overall bias favors bullish camp. Sector Rotation is the main theme for Mutual Funds, so as such, volatility in the ES e-mini has been subdued. In contrast, volatility in the NQ (naz) has been elevated as investors are re-positioning away from key index components into other sectors.

Range Projections and Key Levels

HOD Range Projection: 2196.00; LOD Range Projection: 2154.25; Cycle Day 1 Low: 2158.50; 3 Day Central Pivot: 2170.00; 3 Day Cycle Target: 2186.00; 10 Day Average True Range: 24.05

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

Click Here

Today’s Hypotheses: December (Z) 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 continues to hold above 2168 – 70 zone, THEN initial upside targets 2186, followed by expansion to 2193 – 2196 zone.

Scenario 2: Sign of Weakness would be converting 2168 to resistance…IF this occurs, THEN downside rest of CD1 Low (2158.50) would likely unfold.

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 11.16.16

Markets

Oil rose around 6% yesterday, its best one day performance since April, on renewed hopes of an OPEC deal to cut production. But prices are now dipping lower after the IEA left its supply and demand forecasts unchanged despite the 2015 Paris Climate Change Agreement entering into force. “The difficulty of finding alternatives to oil in road freight, aviation and petrochemicals means that, up to 2040, the growth in these three sectors alone is greater than the growth in global oil demand,” the IEA said in its annual World Energy Outlook.

In Asia, Japan +1.1% to 17862. Hong Kong -0.2% to 22280. China -0.1% to 3205. India flat at 26298.
In Europe, at midday, London -0.5%. Paris -0.5%. Frankfurt -0.4%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -1.3% to $45.21. Gold -0.1% to $1223.80.
Ten-year Treasury Yield +4 bps to 2.28%

 (Source: Seeking Alpha)

Economic Calendar

7:00 MBA Mortgage Applications
7:30 Fed’s Kashkari speech
8:30 Producer Price Index
9:15 Industrial Production
10:00 NAHB Housing Market Index
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
4:00 PM Treasury International Capital

PTG Trading

Shallow decline on CD1 and a strong hold of key 2162 handle which we outlined in prior DTS Briefing 11.15.16 lead to late day rally which hit upside target of 2184 handle.

Today is Cycle Day 2 (CD2)…Price has effectively hit 3 Day Cycle Target of 2183 – 84 zone, as such, we will mark this zone as KEY RESISTANCE for today’s session.

Price will need to convert this zone for continued expansion, targeting 2188 – 2194 extreme zone. Expectation for today will be for some “back n fill” back into prior day’s range with 2162 handle marked as KEY SUPPORT. The breakpoint zone of 2168 – 70 will be first test of bulls sustainability.

Range Projections and Key Levels

HOD Range Projection: 2199.00; LOD Range Projection: 2160.00; Cycle Day 1 Low: 2158.50; 3 Day Central Pivot: 2165.00; 3 Day Cycle Target: 2183.00; 10 Day Average True Range: 25.13

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

Click Here

Today’s Hypotheses: December (Z) 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 holds 2168 – 70 breakpoint zone on pullback, THEN bulls remain dominant, with potential of pushing back higher to 2183 – 84 zone. Above this zone and continued expansion can unfold targeting 2186 – 2188 zone.

Scenario 2: Failure to hold at or above 2168 – 70 zone will be first kink in bulls armour…This would suggest possible deeper pullback testing 2162 key support. Below this level opens door for accelerated selling targeting 2155 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

Trade Strategy 11.15.16

Markets

U.S. stock markets look set to open higher, with the Dow Jones continuing to push towards new all-time highs, as a Trump-fueled equity bounce appears ready to cement a year-end rally. While recent gains are largely being attributed to the market getting more comfortable with his style and proposed policies, year-end rallies are common in most election years, with the Dow gaining 1.8%, on average, from Election Day thru Dec. 31.

In Asia, Japan flat at 17668. Hong Kong +0.5% to 22323. China -0.1% to 3207. India -1.9% to 26304.
In Europe, at midday, London +0.6%. Paris +0.3%. Frankfurt flat.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.2%. Crude +2.7% to $44.48. Gold +0.3% to $1225.30.
Ten-year Treasury Yield -2 bps to 2.2%

 (Source: Seeking Alpha)

Economic Calendar

7:30 Fed’s Rosengren: Economic Outlook
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
8:30 Retail Sales
8:55 Redbook Chain Store Sales
9:05 Daniel Tarullo speech
10:00 Business Inventories
1:30 PM Stanley Fischer speech

PTG Trading

Today is Cycle Day 1 (CD1)…Normal is for a decline to unfold…Price has been oscillating within consolidation range between 2150 – 2180. As such, any decline would unfold within the context of this trading range. Key Statistical Extreme (STATX) zones: 2173.75 – 2176.25 (upper)…2151.50 – 2148.75 (lower)

Range Projections and Key Levels

HOD Range Projection: 2185.50; LOD Range Projection: 2143.00; Cycle Day 1 Low: 2147.75; 3 Day Central Pivot: 2162.25; 3 Day Cycle Target: 2188.50; 10 Day Average True Range: 26.90

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

Click Here

Today’s Hypotheses: December (Z) 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 can hold above 2162.25, THEN upside targets 2173.75 – 2176.25 STATX Zone. Above this zone expands upwards 2184 – 2188 zone.

Scenario 2: IF price converts 2162.25 to resistance, THEN downside targets 2151.50 – 2148.75 STATX Zone. Below this zone expands downwards 2145 – 2140 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