Received: from freesub (host-209-214-12-185.pbi.bellsouth.net [209.214.12.185]) by mail.mia.bellsouth.net (8.8.8-spamdog/8.8.5) with SMTP id FAA07049; Tue, 28 Jul 1998 05:13:43 -0400 (EDT) Reply-To: "FuturesCom" From: "FuturesCom" To: "William Chippas" Subject: Morning Comments 7-28-1998 Date: Tue, 28 Jul 1998 05:10:07 -0400 Message-ID: <001d01bdba07$83f43900$b90cd6d1@freesub> MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_0024_01BDB9E6.0A14E4C0" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 4.71.1712.3 X-MimeOLE: Produced By Microsoft MimeOLE V4.72.2106.4 X-UIDL: bb14f0f75756a5593b2867d694b8c54c This is a multi-part message in MIME format. ------=_NextPart_000_0024_01BDB9E6.0A14E4C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Morning Comments=20 7/28/1998 Tuesday July 28 1998 4:05 AM On the Frenzied Forex Front Sept. J-Yen Recommended Position Long at (3) at 7245 Nearby Support is 7074 and 7047 and 7024 then 7003 to 6990 region. = Traders can buy at 7003 and hold for higher prices.=20 Resistance is at 7096 and 7142 then 7170 to 7182 to 7190. A close over = 7170 augurs for a test of resistance at 7207/ 7214 with a likely push = towards 7242 to 7256.=20 Beyond that resistance is 7328 to 7342.=20 Sept. Swiss Recommended Position long at 6714 and 6990 Resistance is 6694 and 6707 then 6741 to 6755. A close over 6755 augurs = for a test of 6786 to 6790.A close or extended trade over 6790 is = friendly for a pop to 6809. Beyond that resistance is at 6836/ 6840. = Traders can go short for a quick turn lower at 6840. Risk a close over = 6840 for two days in a row. Beyond that resistance is at 6906 to 6919.=20 Support is at 6673 and 6669 then 6640 and 6591. Traders should buy at = 6591 and hold for higher prices.=20 Buy Dips=20 Sept. British Pound: Recommended position short at 1.6510 Support is at 1.6488 and 1.6420. Traders can Buy at 1.6420 for a good = bounce. Risk=20 100 pts. Below that support should appear at 1.6332 and 1.6220. Resistance is at 1.6550 and 1.6612 then 1.6672, beyond that resistance = should appear at 1.6720. Sept. D-Mark Recommended Position long at 5490 Nearby Resistance is at 5628 and 5639 /5643 and 5653. A trade over 5658 = augurs for a test of 5673 to 5689..=20 Support is at 5609. Below that support is at 5593 and 5577.=20 Traders can buy at 5589, risk close under 5553 for three days in a row. Sept. Canadian Dollar=20 Support is at 6634 and 6636 then 6591 and 6577.=20 Resistance is at 6670 and 6684. A close over 6670 is friendly for a test = of 6707 to 6741. A near term close over 6695 is friendly. Traders can go long if a close = over 6695=20 Precious Metals August Gold Recommended Position Long at 298.10 and 293.10 Support is at 288.30 and 286. Day traders can buy at 285.30, risk $ = 4.00. Beneath that support is at 275.3 and 273.80=20 Resistance is at 290.70 then 292.40 and 296 A close over 295.30 augurs = for a test of 301 to 303.60 where good sellers should appear. Traders = should go long if a close over 295.30 occurs.=20 Trade Accordingly.=20 Sept. Copper:=20 Support is at 7855. A close under 7855 augurs for a test of 7770 and = 7710 where traders should have buy orders waiting to go long for a good = two to three day bounce. Risk a close under 7480 for three days in a = row.=20 Resistance is at 8005 and 8135, a close over 8135 augurs for a test of = 8190 to 8225. Beyond that good resistance is at 8290. Trade Accordingly,=20 Oct. Platinum=20 Nearby Support is at 375 and 373.2. Traders can go long at 372.5, risk a = close=20 under 365 for three days in a row. Below that support is at 359 and 355. = 0=20 Resistance is at 380.5 and 382.5 Beyond that resistance is near 392.5 = and 409. Bullish long term.=20 Sept. Silver Recommended Position long at 565 and 570 On the Downside: good buyers should appear at 553.5 to 548.5 traders = should go long at 553.5 for a good 2 to 3 day bounce. Risk close under = 541 for three days in a row.=20 On the Upside. Resistance is at 570.5 and 592.=20 A close over 588.5 augurs for a test 596 to 603. Beyond that resistance = is at 619 and 629 Trade accordingly. Buy Dips The Exciting Energies September Crude Recommended Position Long at 1418 Support is at 1415 and 1390 then 1377 and 1367, traders should go long = at 1377 for a good bounce. Risk a close under 1334 for two days in row.=20 Resistance is at 1440 Beyond that resistance is at 1453 to 1465. However = a close over 1459 indicates a test of the 1484 to 1496 region. Beyond = that another thrust towards the 1529 to 1535 region is possible. September Unleaded Gas=20 Nearby Support is at 4249 and 4205. Below that support is 4183 then = 4115.=20 Traders should buy at 4249, risk a close under 4183 for two days in a = row.=20 Resistance is at 4367. A close over 4347 augurs for a test of the 4425 = to 4446 region. Beyond that resistance is 4570 and 4630. September Heating Oil Recommended Position long at 3748 Early Resistance is at 3822 then 3880. Beyond that 3910 offers = resistance. A close over 3910 is friendly for a rally to the 4070 /4110 = region. Above that resistance is at 4235.=20 Support is at 3680 and 3580. Below that 3505 to 3492 should contain a = break.=20 The Grande Grains November Soybeans Recommended Position Long at 588, 2 @ 566 1/4 Support is at 562 and 552 and 546 to 540 Traders should buy for the Pull = at 540 1/2.=20 Resistance is at 566 3/4 to 568 1/2 beyond that resistance is at 572 3/4 = A close over 573 is friendly for a rally to 580 and 594. Dec. Soybean Meal=20 Support is 148.3 and 146.1 Below that Support is near 143.5 and 142.5.=20 Traders should go long at 143 for a good turn higher, risk a close under = 137.70 for three days in a row.=20 Resistance is at 151.5 then 152.4 A close over 152.4 augurs for a test = of 158 beyond that good resistance is at 165.=20 Traders should go long if a close over 153.5 occurs. Trade Accordingly. Dec. Soybean Oil=20 Support is at 2431 then 2417 to 2411. Traders should buy at 2412 Risk a = close under 2354 for three days in a row. Resistance is at 2455 and 2461 to 2469. A close over 2469 is friendly = for a rally to 2511 to 2519 and the 2536 region.=20 Traders should go long if a close over 2469 occurs.=20 Dec. Corn=20 Support is at 227 1/4 and 222 1/2. Below that support is near 219 1/4 Resistance is at 229 3/4 and 233 1/2, a close over augurs for a short = covering rally to 239. Dec. Wheat recommended position long at 278 1/2 Resistance is at 279 3/4. A close over augurs for a rally to 287 and 290 = 3/4. On the Downside Support is at 273 1/4 Below that support should appear = at 266 1/2 If a close over 282 3/4 occurs Go long for a push towards 290.=20 The Satisfying Softs Dec. Cotton Recommended Position Long at 7513,7235,7092=20 Support is at 7111, beneath that 7092 then 7061 to 7052 offers good = support. Resistance is 7169 and 7196. A close over 7169 augurs for a test of = resistance at 7365.=20 Traders should go long if a close over 7256 occurs Trade Accordingly=20 Oct. Sugar=20 Support is at 834 and 828. Traders can buy at 823, risk a close under = 814 for three days in a row..=20 Resistance near at 847 and 852. A close over 852 indicates at test of = resistance at 868 then 877 to 882. Traders should sell at 877 for a turn = lower, risk a close over 882 for three days in a row.=20 Sept. Coffee: On the downside, Early support is at 111.10 and 110.10 Traders can buy = at 110.10, risk a close under support at 108.50. Below that 107.20 to = 106.80/ 105.80 should hold. Traders can buy at 106.20 for a bounce. Stay = tuned for the Stop. Below that 103.60 should hold for now.=20 On the Upside, Resistance is at 113.00 /113.60, a close over 113.60 = augurs for a touch of 115.10, Beyond that resistance is at 116.40 to = 116.90/ 117.05.=20 Traders can sell at 116.90 for a turn lower. stay tuned for the stop.=20 Sept. Cocoa Recommended Position Long at 1586 and 1570, risk a close = under 1561 for three days in a row Support. 1552 then 1541 and 1535 to 1529 and 1524/1519. Traders can buy = at 1535, risk a trade under 1490. Resistance is at 1564 then 1569 to 1574 and the 1609 to 1615 region. A = close over 1576 is friendly for a test of 1609. A trade over 1626 is = friendly for a rally towards 1642 to 1655. A close today over 1564 is = constructive for a move towards 1592 The Lively Livestock October Cattle Recommended Position long at 3 @ 6210. Support is at 6145 and 6127. Below that 6117 should bring out a few = buyers.=20 Resistance is at 6207 and 6267. A close over 6267 augurs for a test of = 6350 and 6417.=20 Long term Friendly=20 August Hogs Recommended Position long 2 at 4977=20 Support is at 4855 to 4845 below that support is at 4777 to 4752.=20 Resistance is at 4882 and 4977. A close over 4980 indicates another test = of 5077. Where good sellers remain. However a close over 5027, should = bring out some considerable short covering from the Funds, if this = happens expect a rally to 5187.=20 Stay tuned for updates. October Hogs Recommended Position Long at 4612 and 2 @ 4382. Resistance is now at 4330 and 4380. A close over 4330 indicates another = test of 4430. Support is at 4307. Below that Hearty traders can buy at 4227 for a good = bounce Below that 4190 should hold basis the close.=20 --From the Frying Pan into the Fire-- August Bellies Recommended Position long at 5917 HOLD Support is at 5762 and 5657 to 5630/ 5617 then 5517=20 Day traders can buy at 5617 for a good bounce, risk 70 pts.=20 Resistance is at 5917 and 5957 then 6062 The Sensational Stock and Bond Markets=20 Sept. Bonds=20 On The Downside, Nearby Support is 122-14/ 122-11. Day traders can buy = at 122-11 for a good bounce, risk 15 pts. A close under 122-11 is = negative and augurs for an eventual slip to 121-13. Traders can buy at = 121-13, risk a close under 120-08 for three days in a row.=20 On the Upside: Resistance is at 123-03 and 123-10 then 123-14. A close = over 123-14 is friendly for a push towards 124-11/ 124-14, sell at = 124-13 for a turn lower, risk a close over 124-21 for two days in a row. Sept. SP500=20 On the DownSide, Support is at 1150, a slip under augurs for a test of = 1147.70 then 1143.30 and 1136. A trade under 1136 augurs for a test of = 1133.70 and 1130 to 1128.60. a close under 1128.50 augurs for a test of = support at 1115.50 and 1101,=20 On the Upside, Resistance is at 1156.30 Beyond that good sellers should = show up at 1160.40 Sell at 1160.50 and hold for lower prices. Above that = resistance is at 1164 to 1169 and 1174.70. Beyond that 1179.30 to = 1180.50 should trade and cap a rally for now. * traders who have 'Ice Water Running through their Veins.' Should Go = Short. If a close under 1150 occurs, stay tuned for flashes. The Dow Jones Industrial Average=20 Support is 9004 and 8998.3, below that 8964 then 8942 to 8934. Resistance should first appear at 9044/ 9060 then 9115 and 9140 to 9156 A ship in Harbor is Safe.. But that's not what ships are built for. Happy Trading=20 Bill Tuesday July 28 1998 04:58 AM=20 Copyright@1998 FuturesCom Investment Publications All Rights Reserved FuturesCom is Not Responsible for Transmission Errors and Omissions. 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. = ------=_NextPart_000_0024_01BDB9E6.0A14E4C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable

Morning Comments
7/28/1998

Tuesday July 28 1998
4:05 AM

On the Frenzied Forex Front

Sept. J-Yen Recommended Position Long at (3) at = 7245

Nearby Support is 7074 and 7047 and 7024 then 7003 to = 6990=20 region. Traders can buy at 7003 and hold for higher prices.

Resistance is at 7096 and 7142 then 7170 to 7182 to = 7190. A=20 close over 7170 augurs for a test of resistance at 7207/ 7214 with a = likely push=20 towards 7242 to 7256.

Beyond that resistance is 7328 to 7342. 

Sept. Swiss Recommended Position long at 6714 and = 6990

Resistance is 6694 and 6707 then 6741 to 6755. A close over = 6755=20 augurs for a test of 6786 to 6790.A close or extended trade over 6790 is = friendly for a pop to 6809. Beyond that resistance is at 6836/ 6840. = Traders can=20 go short for a quick turn lower at 6840. Risk a close over 6840 for two = days in=20 a row. Beyond that resistance is at 6906 to 6919.

Support is at 6673 and 6669 then 6640 and 6591. Traders = should=20 buy at 6591 and hold for higher prices.

Buy Dips

Sept. British Pound: Recommended position short at = 1.6510
Support is at 1.6488 and 1.6420. Traders = can Buy at=20 1.6420 for a good bounce. Risk

100 pts. Below that support should appear at 1.6332 and = 1.6220.

Resistance is at 1.6550 and 1.6612 then 1.6672, beyond that = resistance=20 should appear at 1.6720.

Sept. D-Mark Recommended Position long at 5490

Nearby Resistance is at 5628 and 5639 /5643 and 5653. A = trade over=20 5658 augurs for a test of 5673 to 5689..

Support is at 5609. Below that support is at 5593 and 5577. =

Traders can buy at 5589, risk close under 5553 for three days in a=20 row.

Sept. Canadian Dollar

Support is at 6634 and 6636 then 6591 and 6577.

Resistance is at 6670 and 6684. A close over 6670 is = friendly for a=20 test of 6707 to 6741.

A near term close over 6695 is friendly. Traders can go long if a = close over=20 6695

Precious Metals

August Gold Recommended Position Long at 298.10 and = 293.10

Support is at 288.30 and 286. Day traders can buy at 285.30, = risk $=20 4.00. Beneath that support is at 275.3 and 273.80

Resistance is at 290.70 then 292.40 and 296 A close over = 295.30=20 augurs for a test of 301 to 303.60 where good sellers should appear. = Traders=20 should go long if a close over 295.30 occurs.

Trade Accordingly.

Sept. Copper:

Support is at 7855. A close under 7855 augurs for a test of 7770 = and 7710=20 where traders should have buy orders waiting to go long for a good two = to three=20 day bounce. Risk a close under 7480 for three days in a row.

Resistance is at 8005 and 8135, a close over 8135 augurs for = a test=20 of 8190 to 8225. Beyond that good resistance is at 8290.

Trade Accordingly,

Oct. Platinum

Nearby Support is at 375 and 373.2. Traders can go long at = 372.5,=20 risk a close

under 365 for three days in a row. Below that support is at 359 and = 355. 0=20

Resistance is at 380.5 and 382.5 Beyond that resistance is = near=20 392.5 and 409.

Bullish long term.

Sept. Silver Recommended Position long at 565 and 570

On the Downside: good buyers should appear at 553.5 to 548.5 = traders=20 should go long at 553.5 for a good 2 to 3 day bounce. Risk close under = 541 for=20 three days in a row.

On the Upside. Resistance is at 570.5 and 592.
A close = over=20 588.5 augurs for a test 596 to 603. Beyond that resistance is at 619 and = 629=20 Trade accordingly.

Buy Dips

The Exciting Energies

September Crude Recommended Position Long at 1418

Support is at 1415 and 1390 then 1377 and 1367, traders = should go=20 long at 1377 for a good bounce. Risk a close under 1334 for two days in = row.=20

Resistance is at 1440 Beyond that resistance is at 1453 to = 1465.=20 However a close over 1459 indicates a test of the 1484 to 1496 region. = Beyond=20 that another thrust towards the 1529 to 1535 region is=20 possible.

September Unleaded Gas

Nearby Support is at 4249 and 4205. Below that support is = 4183 then=20 4115.

Traders should buy at 4249, risk a close under 4183 for two days in a = row.=20

Resistance is at 4367. A close over 4347 augurs for a test = of the=20 4425 to 4446 region. Beyond that resistance is 4570 and 4630.

 

September Heating Oil Recommended Position long at = 3748

Early Resistance is at 3822 then 3880. Beyond that 3910 = offers=20 resistance. A close over 3910 is friendly for a rally to the 4070 /4110 = region.=20 Above that resistance is at 4235.

Support is at 3680 and 3580. Below that 3505 to 3492 should = contain=20 a break.

 

The Grande Grains

November Soybeans Recommended Position Long at 588, 2 @ 566=20 1/4

Support is at 562 and 552 and 546 to 540 Traders should buy = for the=20 Pull at 540 1/2.

Resistance is at 566 3/4 to 568 1/2 beyond that resistance is at = 572 3/4=20 A close over 573 is friendly for a rally to 580 and = 594.

Dec. Soybean Meal

Support is 148.3 and 146.1 Below that Support is near 143.5 = and=20 142.5.

Traders should go long at 143 for a good turn higher, risk a close = under=20 137.70 for three days in a row.

Resistance is at 151.5 then 152.4 A close over 152.4 augurs = for a=20 test of 158 beyond that good resistance is at 165.

Traders should go long if a close over 153.5 occurs.

Trade Accordingly.

Dec. Soybean Oil

Support is at 2431 then 2417 to 2411. Traders should buy at = 2412=20 Risk a close under 2354 for three days in a row.

Resistance is at 2455 and 2461 to 2469. A close over 2469 is = friendly for a rally to 2511 to 2519 and the 2536 region.

Traders should go long if a close over 2469 occurs. =

Dec. Corn

Support is at 227 1/4 and 222 1/2. Below that support is = near 219=20 1/4

Resistance is at 229 3/4 and 233 1/2, a close over augurs = for a=20 short covering rally to 239.

Dec. Wheat recommended position long at 278 1/2

Resistance is at 279 3/4. A close over augurs for a rally to = 287 and=20 290 3/4.

On the Downside Support is at 273 1/4 Below that support = should=20 appear at 266 1/2

If a close over 282 3/4 occurs Go long for a push towards 290.=20

The Satisfying Softs

Dec. Cotton Recommended = Position Long at=20 7513,7235,7092

Support is at 7111, beneath that 7092 then 7061 to 7052 offers = good=20 support.

Resistance is 7169 and 7196. A close over 7169 augurs for a = test of=20 resistance at 7365.

Traders should go long if a close over 7256 occurs

Trade Accordingly

Oct. Sugar

Support is at 834 and 828. Traders can buy at 823, risk a = close=20 under 814 for three days in a row..

Resistance near at 847 and 852. A close over 852 indicates = at test=20 of resistance at 868 then 877 to 882. Traders should sell at 877 for a = turn=20 lower, risk a close over 882 for three days in a row. =

Sept. Coffee:

On the downside, Early support is at 111.10 and = 110.10=20 Traders can buy at 110.10, risk a close under support at 108.50. Below = that=20 107.20 to 106.80/ 105.80 should hold. Traders can buy at 106.20 for a = bounce.=20 Stay tuned for the Stop. Below that 103.60 should hold for now. =

On the Upside, Resistance is at 113.00 /113.60, a close over = 113.60=20 augurs for a touch of 115.10, Beyond that resistance is at 116.40 to = 116.90/=20 117.05.
Traders can sell at 116.90 for a turn lower. stay tuned for = the=20 stop.

Sept. Cocoa Recommended Position Long at 1586 and = 1570, risk a close under 1561 for three days in a = row

Support. 1552 then 1541 and 1535 to 1529 and 1524/1519. Traders = can buy=20 at 1535, risk a trade under 1490.

Resistance is at 1564 then 1569 to 1574 and the 1609 to 1615 = region.=20 A close over 1576 is friendly for a test of 1609. A trade over 1626 is = friendly=20 for a rally towards 1642 to 1655. A close today over 1564 is = constructive for a=20 move towards 1592

The Lively Livestock

October Cattle Recommended = Position long=20 at 3 @ 6210.

Support is at 6145 and 6127. Below that 6117 should bring = out a few=20 buyers.

Resistance is at 6207 and 6267. A close over 6267 augurs for = a test=20 of 6350 and 6417.

Long term Friendly

August Hogs Recommended Position long 2 at 4977

Support is at 4855 to 4845 below that support is at 4777 to = 4752.=20

Resistance is at 4882 and 4977. A close over 4980 indicates = another=20 test of 5077. Where good sellers remain. However a close over 5027, = should bring=20 out some considerable short covering from the Funds, if this happens = expect a=20 rally to 5187.

Stay tuned for updates.

October Hogs Recommended Position Long at 4612 and 2 @ 4382.

Resistance is now at 4330 and 4380. A close over 4330 = indicates=20 another test of 4430.

Support is at 4307. Below that Hearty traders can buy at = 4227 for a=20 good bounce Below that 4190 should hold basis the close.

--From the Frying Pan into the = Fire--

August Bellies Recommended Position long at 5917 HOLD

Support is at 5762 and 5657 to 5630/ 5617 then 5517

Day traders can buy at 5617 for a good bounce, risk 70 pts.

Resistance is at 5917 and 5957 then 6062

 

The Sensational Stock and Bond Markets =

Sept. Bonds

On The Downside, Nearby Support is 122-14/ 122-11. Day traders = can buy at=20 122-11 for a good bounce, risk 15 pts. A close under 122-11 is negative = and=20 augurs for an eventual slip to 121-13. Traders can buy at 121-13, risk a = close=20 under 120-08 for three days in a row.

On the Upside: Resistance is at 123-03 and 123-10 then = 123-14. A=20 close over 123-14 is friendly for a push towards 124-11/ 124-14, sell at = 124-13=20 for a turn lower, risk a close over 124-21 for two days in a=20 row.

Sept. SP500

On the DownSide, Support is at 1150, a slip under augurs = for a=20 test of 1147.70 then 1143.30 and 1136. A trade under 1136 augurs for a = test of=20 1133.70 and 1130 to 1128.60. a close under 1128.50 augurs for a test of = support=20 at 1115.50 and 1101,

On the Upside, Resistance is at 1156.30 Beyond that good = sellers=20 should show up at 1160.40 Sell at 1160.50 and hold for lower prices. = Above that=20 resistance is at 1164 to 1169 and 1174.70. Beyond that 1179.30 to = 1180.50 should=20 trade and cap a rally for now.

* traders who have 'Ice Water Running through their Veins.' = Should Go=20 Short.
If a close under 1150 occurs, stay tuned for=20 flashes. 

The Dow Jones Industrial Average

Support is 9004 and 8998.3, below that 8964 then 8942 to=20 8934.

Resistance should first appear at 9044/ 9060 then 9115 and = 9140 to=20 9156

A ship in Harbor is Safe.. But that's not what ships are built=20 for.

Happy Trading

Bill

Tuesday July 28 1998

04:58 AM

Copyright@1998 FuturesCom Investment Publications

All Rights Reserved

FuturesCom is Not Responsible for Transmission Errors and=20 Omissions.

THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT = WHERE=20 OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. = REQUIRED PRIOR=20 TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN = CAUSE=20 SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING = INVOLVES A=20 HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED = AMOUNTS.=20 SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. = PAST=20 RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE = BELIEVED=20 TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK = DISCLOSURE=20 IS AVAILABLE.

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