FuturesCom Investment Publications
Dedicated to Excellence in Analysis of Futures Markets
Bi-Weekly Investment Outlook (BW) Sunday January 30, 2000
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments and More
Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
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Observation. experience , memory and mathematics--These are what a successful trader must depend on. A man can have great mathematical ability and unusual power of accurate observation and yet fail in speculation unless he also
possesses the experience and memory. -Reminiscences of a Stock operator-
Sunday, Jan 30, 2000
5:06 AM
The Sensational Stock and Bond Markets
March SP500
.
Nearby Resistance is at 1370 ,a close over 1370 is friendly and augurs for a test of the 1377 to 1380 region.. Beyond that sellers should appear near 1383 to 1388.. However an extended trade or close over 1383 is friendly and would indicate that eventual test of 1399 to 1402 and beyond towards 1410.20..Witha more likely tap of the 1415.
A close over 1415 is bullish and would indicate a test of 1421 then 1437 and eventually the 1453 to 1457 region.
On the DownSide Nearby Support is at 1363 then 1361.50 to 1360.. Traders can buy at 1361.50 for a good bounce and hold for higher prices. Below that support is at
1354.30 and 1346 and 1340 under that 1334 to 1333.20 should contain a decline basis the close.. Traders can buy at 1340 and risk a close under 1334 for three days in a row. Below that buyers should appear near 1324.30 to 1322 Aggressive traders can buy at 1322 and risk a close under 1315 for two days in a row. Under that support is at 1310 to 1307 then 1304 and 1299.40 to 1296.2 under that support near 1289 and the 1283.50 region should contain a decline, below that support should appear near the 1274 and the 1271 to 1268 region. Under that buyers should appear near 1253 to 1350.30 which should stop a decline..Traders who have ice Water in their Veins should Buy at 1253.50 and hold for higher prices
Traders should go long if a close over 1377 occurs..
Traders should Stay Tuned for SP500 Flashes
Dow Jones Industrial Avg.
Resistance should appear near 10,757 and 10,800 to 10,820.. An extended trade over 11,820 is friendly and augurs for an eventual test of 10,960 to 11,010.. Beyond resistance is at 11,087... A close over 11,087 is friendly and augurs for a test of 11,155 and eventually the 11,300 to 11,360 region which should Cap a rally for the time being.
Support is 10,717 then 10,680 to 10,630. Below that support is at 10,580 to 10,576. Below that support is at 10,508 and the 10,470 to 10,458 region. Under that buyers should appear near 10,419 and 10360 to 10,340 then 10,320 which should contain a decline basis the close for the time being. Below that buyers should appear near 10,293 and the 10,181 to 10,155 region.
Cash NASDAQ
Nearby Resistance is at 3888. An extended trade over is friendly and augurs for an eventual test of the 3909 to 3929 region and 3965.. Beyond resistance is at 3982 to 3992..A close over 3992 is friendly and indicates a ‘tap’ of 4021. Beyond that
resistance is at 4046 to 4056 and 4110 to 4120 then 4160 to 4163 and 4175 to 4185.
Beyond that sellers should appear near 4205 Above that good sellers should Cap a rally for a bit near the 4238 to 4249 region.
March NASDAQ 100
Support is at 3468 and the 3443 to 3425 region.. Below that support is at 3405..
Which should contain the decline for a bit, under that support is at 3386 to 3377 then
3328 to 3319.
Resistance 3493 to 3503, an extended over 3503 is friendly and indicates a test of the
3528 region.. Beyond that a tap of 3553 to 3563 is likely... A close over 3563 is friendly and augurs for a test of 3611 to 3623 then 3643 and eventually the 3663 to 3682
region. Which is more likely to occur than not..
Support is at 92-29 and 92-22 then 9216.. Under that support is at 92-07 and the
91-21 to 91-16 region Which should contain a decline for a bit. Under that 90-23 should hold...Traders can buy at 90-23 for a bounce and risk a close under 90-07 for three days in a row. Trade accordingly.
On the Upside Nearby resistance is at 93-08 and 93-22 to 93-28. Beyond that
sellers should appear near 94-06 to 94-12 and 94-28... Above that resistance should appear near 95-09 and the 95-22 region.
On the Frenzied Forex Front
March Japanese-Yen
Nearby Resistance is at 9429 to 9437 and 9445, an extended trade over 9445 is friendly and augurs for a test of 9485 and eventually the 9526 to 9542 region..Above that sellers should appear near 9581 to 9588. A close over 9588 is friendly and augurs for a test of 9625 to 9645. Beyond that resistance is at 9706 and 9737 to 9757.
Nearby Support should appear near 9388 then 9347 to 9316. Below that buyers should appear and stop the decline near the 9236 region.. Under that support should appear near the 9156 to 9140 region...Traders can buy at 9236 and risk a close under
9140 for three days in a row. Below that 9060 to 9044 should contain any further
sell off...
Traders should go long is a close over 9485 occurs. ....Stay Tuned for Flashes
March Swiss
Nearby Resistance is at 6101 to 6107 and 6113. An extended trade over 6113
indicates a test of the 6165 to 6190 region Beyond that sellers should appear near 6233 and the 6257 to 6270 region. Traders can sell at 6257 for a turn lower and hold for lower prices. Above that sellers should appear near 6304 and the 6337 to 6350
region.
Nearby Support is at 6088 under that buyers should appear near 6035 to 6022 .. Traders can buy at 6035 and risk a close under 6022 for three days in a row. Below
that support should appear near 5951.
Traders should go long if a close over 6113 occurs.
Stay tuned for Flashes...
March British Pound
Support should appear near 1.6202 and 1.6150, a close under augurs for a test of 1.6090 and 1.5998. Under that support at 1.5926 should bring out buyers.. Traders can buy at 1.5928 for a good turn higher , risk a close under 1.5926 for two days in a row. Below that 1.5760 to 1.5690 should hold. Traders can buy at 1.5760 and hold for higher prices..
Resistance is at 1.6286 and 1.6336 and 1.6420 region.. Traders can sell at 1.6420 hold for lower prices. Initially Risk a close over 1.6486 for two days in a row. Above that Resistance is at 1.6550 then 1.6612 and the 1.6720 region. Traders can sell at 1.6720 and hold for lower prices..
Trade Accordingly and stay tuned for Flashes..
March Canadian Dollar
Nearby Support is at 6919 to 6906 and 6871 traders can buy at 6872 for a good bounce, risk a close under 6836 for two days in a row. Below that buyers should
appear near 6809, a close under 6809 augurs for a slip to 6783 and eventually the 6755 to 6741 region. Where buyers should appear and stop a decline
Resistance is at 6955 and the 6990 to 7002 region. Traders can sell at 6990 for a turn lower and risk a close over 7002 for three days in a row. Beyond that resistance is at 7074 to 7090 and 7128.
Trade Accordingly and Stay tuned for FuturesCom's Forex flashes
Precious Metals
April Gold
Nearby Support is at 285.1 and the 282.9 to 282.0 region. Traders can buy at 282.9 for a turn higher, risk a close under 279.70 for three days in a row. Under that good buyers should appear near the 277.5 to 275.8 region and should contain a decline.
Resistance is at 287.4 to 288.2 ...A close over 287.4 is friendly and augurs for a test of the 290.90 and beyond towards the 292.8 to 293.7 region
Traders should go long if a close over 288.3 occurs.
March Copper
Nearby Support is at 8315 to 8300 and should hold. Below that support is at 8225 to 8190 and 8135.. under that support is at 8045 to 8025 Traders can buy at 8135 and risk a close under 8025 three days in a row.
Nearby Resistance is at 8390 to 8405 and 8485 to 8495 beyond that sellers should appear near 8560 to 8590 then 8625 and the 8665 to 8690 region.. Traders can go short at 8560 for a turn lower and risk a close over 8590 for three days in a row.
Beyond that good sellers should appear near the 8760 to 8775 region.
March Silver
On the Nearby Support should appear near 528.5 to 526...Under that support is at 521.5 to 520 and the 517 region Aggressive Traders can buy at 521.5 and hold for higher prices.. Below that support at 514 to 512.5 should contain a decline
basis the close..
On the Upside. Nearby resistance is at 534 to 536 and 541.5 to 543. Beyond that a test of the 549 to 550.5 region is likely. A close over 550.5 is friendly a augurs for a
test of the 564 to 565.5 region.
Traders should go long if a close over 536 occurs.
Stay tuned for Flashes...
The Exciting Energies
March Crude
Resistance is at 2724. A close over 2724 is friendly and augurs for a test of the 2758 to 2772 region.. Above that sellers should appear near 2820 to 2829 and the 2875 to 2885 region which should cap the rally for a bit.. Traders can sell at 2875 and risk a close over 2885 for three days in a row. Beyond that 2928 to 2937 should bring sellers out of the woodwork so to speak.. Aggressive trades can sell at 2928 and hold for lower prices... Beyond that 2972 to 2990 should cap any rally for a bit..
Nearby Support is at 2695 and 2662 to 2663. Below that buyers should appear near the 2620 to 2612 region and 2568 to 2552. Under that support should appear near the 2519 region. Traders can buy at 2519 and hold for higher prices. Below that support is at 2469 to 2461 and the 2419 to 2411 region which should contain a decline......
Trade Accordingly and Stay Tuned For Flashes
Mar Unleaded Gas
Resistance should appear at 7513, beyond that a test of 7587 to 7605 and eventually the 7675 to 7689 region is likely. Beyond that resistance is at 7760 to 7780. Traders can sell at 7755 and risk a close over 7780 for three days in a row. Beyond that resistance is at 7835 to 7865 and 7955.
Nearby Support is 7457 and 7425 to 7410. A close under 7410 is negative and augurs for a test of 7340 to 7325 and eventually the 7170 to 7140 region ... Traders can buy at 7170 and risk a close under 7140 for two days in a row. Below that buyers should appear near 7090 to 7075 and 7005 to 6990. Under that support is at 6835. Aggressive traders can buy at 6835 and hold for higher prices.
Mar Heating Oil
Resistance is at 7342 and 7414 to 7429.. Beyond that resistance should appear near the 7486 to 7513 region.. Traders can sell at 74154 and risk a close over 7513 for three days in a row ... Beyond that sellers should appear near 7590 to 7605 and 7676 to 7690. Above that resistance should appear near the 7763 to 7777 region.
Nearby Support is at 7255 to 7245 and 7175 .. Below that support is 7088 to 7077 and 7003 to 6990... Under that buyers should appear near 6835 to 6810 and 6783 then 6755 to 6741. Traders can buy at 6755 and hold for higher prices..
Trade Accordingly. and Stay tuned for Flashes
The Grand Grains
March Beans
Support is at is at 521.1/4 to 520 and the 517 region Aggressive Traders can buy at 521.5 for a bounce and hold for higher prices.. Below that support at 514 to 512.3/4 should contain a decline for a bit. Under that support is at 509 3/4 and the 506 3/4 to 503 3/4 region.. Traders can buy at 509 3/4 and risk a close under 503 for three days in a row
Nearby Resistance is at 525 to 528 and 534 1/2 to 535 3/4 .. A close over 535 3/4 is friendly and augurs for a test of the 542 region.. Beyond that a test of 555 1/4
to 557 /4 is likely. Stay tuned for Flashes
Traders should go long if a close over 545 3/4 occurs.
March Soybean Meal
Support is near the 1.648 to 164.2 under that support is at 161.5 and 160.9..Traders can buy at 160.9 and hold for higher prices Under that support is at 157.6 to 156.9 and the 153.5 to 152.9.
Resistance is at 165.5 and 167.2 to 168.9 then 169.6 and the 173.1 to 173.8 region. Traders can sell at 173.1 and risk a close over 173.8 for three days in a row.
March SoyBean Oil
Resistance is at 1713 then 1731 to 1738, a close over 1738 is friendly and augurs for a test of 1774 to 1780 and eventually 1808 to 1822..
Support is at 1696 to 1689 and the 1655 to 1642 region.. traders can buy at 1692 and risk a close under 1642 for three days in a row .. Below that support is at 1628 then 1615 to 1609 and the 1576 to 1569 region.
Traders should go long if a close over 1715 occurs..
March Wheat
Resistance is at 261 1/2 to 262 ..A close over 262 is friendly and augurs for another test of the 266 1/2 to 267 1/4 region. A close over 267 1/2 is friendly and augurs for a test of 271 3/4 to 272 1/2 and eventually the 275 to 277 1/2 region.
Support is at 256 3/4 to 255. Under that buyers should appear near 252 to 251 1/4 and contain a decline. Under that support is at 247 to 246 1/2.
Traders should go long if a close over 262 occurs
March Corn
Resistance is at 226 3/4 to 227 1/4 and the 231 1/2 to 232 1/4 region. Beyond that resistance should appear near the 235 1/2 to 237 region.. Traders can sell at 235 1/4 and risk a close over 237 for three days in a row.
Support is at 222 3/4 to 221 3/4 and the 218 1/2 to 217 region ... below that buyers should appear near the 215 to 213 1/2 region and contain a decline for a bit. Traders can buy at 215 1/4 for a turn higher , risk a close under 212 for three days in row
Below that 208 3/4 should hold...Trade Accordingly.
The Satisfying Softs
March Cotton
On the DownSide Nearby Support is at 5725 and the 5655 region under that buyers should appear near 5577 to 5553 and the 5505 to 5490 region.. Aggressive traders can buy at 5577 for a turn higher ,risk a close under 5490 for three days in a row.
Below that support at 5430 to 5418 should contain a decline..
Resistance is at 5795 to 5805 and 5855 to 5880 beyond that resistance is at 5945 to 5955..A close over 5945 is friendly and augurs for a test of the 6025 to 6035 region and more likely 6100 to 6110...
Trade Accordingly
March Sugar
Support is at 538 to 534 which should contain a decline over the near term. However a close under 534 indicates a test of 515 to 507, traders can buy at 539 and risk a close under 515 for three days in a row..Below that support is at 490 then 471 to 468.
Resistance is at 562, a close over 562 is friendly and indicates a test of the 582 to 586 region and beyond towards 593. Above that good sellers should appear near 601 to 609 Beyond that a test of 630 to 634 is likely.
Trade Accordingly
March 'the Monster' Coffee
On the DownSide, support is at 113.60 to 113.00 and 111.55, below that support remains near the 110.10 to 109.60 region..Which should hold and contain a decline for a bit. Traders can buy at 110.10 and risk a close under 109.60 for two days in a row.. Below that buyers should appear near the 108.20... Under that support is at 106.80 to 106.30 and 105.80.
On the Upside, Resistance should appear near 115.00 , a close over 115.00 is friendly and augurs for a test of 116.40 to 116.9 then 118.05..and eventually the 119.40 to 120.30 region. Above that a ‘touch’ of 123.2 to 123.80 and beyond towards 126.8
is likely to occur.
Traders should go long if a close over 115.00 occurs
Trade Accordingly and Stay Tuned for Flashes
March Cocoa
Resistance is at 814 to 823 and 833.. Beyond that sellers should appear near 852.. A close over 852 is friendly and augurs for a test of the 877 to 882 region. An extended trade or close over 882 indicates a test of the 907 to 912 region. Traders can sell at 909 for a turn lower, risk a close over 923 for two days in a row.
Support is at 795 to 791 and the 767 to 763 region. Traders can buy at 776 and risk a close under 763 for three days in a row. Below that support is at 739 to 735..
Stay Tuned for Flashes.
The Lively Livestock
April Cattle
Support is at 7142 then 7117..traders can buy at 7142 and hold for higher prices..Below that support is at 7087 to 7077 and the 7002 and 6987 region Under that support should appear near 6922 where Traders can buy at 6922 and risk a close under 6902 for three days in a row.
Nearby Resistance is at 7172. A close over 7172 is friendly and augurs for a test of 7207 and eventually the 7242 to 7257 region. Beyond that resistance should appear near the 7327 to 7342 region and 7412 to 7427.
Support should appear near 5652 to 5637 and 5612 below that buyers should appear near 5577 to 5552 and the 5507 to 5492 region.
Resistance remains near 5717 to 5727, A close over 5727 is friendly and augurs for a test of 5792 to 5802. Beyond that sellers should appear near 5855 to 5882 and
the 5942 to 5957 region.
April Hogs
Support should appear near 5957 to 5952 and 5917 then 5882 to 5855 ..Traders can buy at 5917 and risk a close under 5855 for three days in a row.. below that support is at 5807 to 5792 under that buyers should appear near 5732 to 5716 and 5652..
Resistance is at 5992 and 6022 to 6037. A close over 6037 is friendly and augurs for a test of 6102 to 6112 and eventually the 6162 to 6192 region. Beyond that a test of 6257 to 6272 is likely.
Resistance should appear near the 8762 region . A close over 8777 is bullish and
indicates another test of 8857 to 8872. Beyond that resistance is at 8937 to 8967. A close over 8967 is friendly and augurs for test of 9037 to 9062 and most likely the 9137 to 9157 region. Beyond that sellers should appear near 9317 to 9347.
Support is at 8592 to 8572 traders can buy 8592 and hold for higher prices.. Below that support is at 8492 to 8482 and 8407 to 8392. Traders who have Ice Water running through their veins can buy at 8412 and hold for higher prices.. under that 8352 should bring out buyers and contain a decline. Below that that 8317 to 8297 should provide support as does the 8142 to 8117 region.
Traders should go long if a close over 8777 occurs.
Resistance should appear near the 8667 to 8682. A close over 8682 is bullish and
indicates a test of 8762 to 8777 then 8857 to 8872. Beyond that resistance is at 8937 to 8967. A close over 8967 is friendly and augurs for test of 9037 to 9062 and most likely the 9137 to 9157 region.
Support is at 8592 to 8572..Below that support is at 8492 to 8482 and 8407 to 8392. Traders who have Ice Water running through their veins can buy at 8492 and hold for higher prices.. under that 8352 should bring out buyers and contain a decline. Below that that 8317 to 8297 should provide support as does the 8142 to 8117 region.
Traders should go long if a close over 8682 occurs.
Traders Should Stay Tuned Flashes in the Pork complex...
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
Sunday, January 30, 2000
11:00 AM
THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.
FuturesCom Totals as of 1-28-2000
Starting Total Value Feb 1997 $ 55,000.00 (BW only)
Combined Value Feb 1998 $ 156,863.95 (BW Only)
Combined Value Feb 1999 $ 510,797.05 (BW and Premier only)
Combined Value 10-08-1999 $ 806,192.10 (BW, MC and Premier)
Combined Value 10-23-1999 $ 845,112.95 "
Combined Value 11-05-1999 $ 921,044.40 "
Combined Value 11-19-1999 $ 905,468.70 "
Combined Value 12-04-1999 $ 957,790.90 "
Combined Value 12-17-1999 $1,004,062.25 "
Combined Value 12-31-1999 $ 985,301.15
Combined Value 1-14-2000 $1,016,875.20
Combined Value 1-28-2000 $1,010,405.25
1-28-2000 BW recommended Open Pos. and Value
http://www.futurescom.com/bwparc.htm
2-12-99 Value 55,000.00
8-28-1999 Value 73,310.55
9-12-1999 Value 92,866.35
9-24-1999 Value 81,150.20
10-08 -1999 Value 91,406.15
10-23-1999 Value 86,586.60
11-05 -1999 Value 102,430.70
11-19-1999 Value 95,551.35
12-04 -1999 Value $ 113,090.25
12-17-1999 Value $ 121,539.10
12-31-1999 Value $ 102,616.75
1-14-2000 Value $ 102,779.55
1-28-2000 Current Value $ 108,237.10
BW Recommended Open Positions 1-28-2000
Long 2 March Coffee at 121.90 Avg.
Long 2 March Yen at 9679 Avg.
Long March Wheat at 262
Long Feb Hogs at 5707
Long April Gold at 286
Short March Bonds at 93-06
MC recommended Open Pos. and Value
http://www.futurescom.com/mcperf.htm
2-12-1999 Value $ 51,708.10
8-28 Value $ 92,507.60
9-12 Value $ 102,611.20
9-24 Value $ 103,069.50
10-08 Value $ 113,686.70
10-23 Value $ 107,552.10
11-05 Value $ 126,830.70
11-19 Value $ 124,088.10
12-04 Value $ 132,000.15
12-17 Value $ 144,625.15
12-31-1999 Value $ 141,650.15
1-14-2000 Value $ 137,903.90
1-28-2000 Value $ 133,063.90
MC Recommended Open Positions 1-28-2000
Long 2 March SP500 at 1383.6
1-28-2000 Premier recommended Open Pos. and Value
http://www.futurescom.com/premier.htm
2-09-1998 Value 101,863.95
2-23-1999 Value 404,088.95
Aug. 1 1999 Value 549,583.85
Aug 15 Value 583,476.55
Aug 28 Value 577,238.55
Sept 12 Value 593,734.25
Sept 24 Value 537,309.25
Oct 08 Value 601,099.25
Oct 23 Value 650,974.25
Nov 5 Value 691, 783.00
Nov 19 Value $ 685,829.25
Dec 04 Value $ 712,700.50
Dec 17 Value $ 737,898.00
Dec 31-1999 Value $ 741,034.25
Jan 14-2000 Value $ 776,191.75
Jan 28 Value $ 769,104.25
Premier Recommended Open Positions 1-28-2000
Long 4 March Bellies at 8582 avg
Long 5 June hogs at 6480 avg.
Long 8 March Yen at 9690 Avg.
Long 2 March Coffee at 118.10
Long 5 Aug Short 5 Nov Beans at – 9 1/2.
Long 4 April Gold 285.2
Long 2 March SoyBeans 502 3/4
Long 2 March SP500 1418.7
Long 4 April Hogs at 5877
Material Assumptions:
Beginning Value was established at $55,000 Feb. 12 1997.
Each trade is derived from FuturesCom's Bi-Weekly Investment
Outlooks, Morning Comments, Premier Flashes, Flashes and UpDates that pertain to the same. The slippage and fees are computed at $ 50.00 per round turn trade, and charged upon exit. Prices are derived from Entry and exits of related Futures Contracts.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS., SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT , THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKET IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS..