January 5th, 2009

New look, new educational content, same honest commentary www.CarleyGarnerTrading.com!

When it rains it pours.

Yields have skyrocketed in recent trading sessions as the flight to quality demand for ultra low return Treasuries has finally dissipated.   The Treasury “bubble” has been a perfect example of a market’s tendency to overshoot fundamentals.  The economic and monetary policy today is nearly identical (or maybe even slightly more bond friendly) than it was on December 30th before the massive slide.  To put the move into perspective, we have witnessed a nearly 10-handle plummet in the previous three trading sessions.  so far the fall from grace has been even steeper than the one-way rally.

Economic data was relatively sparse during the session, but we did get some information on construction spending.  Actual spending was a little better than projected, but still in negative territory.  Nonetheless, it wasn’t enough to thwart the intense selling on the long end of the curve.

Bailout and TARP rumors continue to circulate and are now putting pressure on fixed income securities as safety buying has all but dried up.  As the Fed floods the market with liquidity, concerns of inflation begin to heat up.  We have been discussing the fact that this realization was imminent but timing it was difficult.

Also weighing on prices is the idea that with yields at such low levels, the supply of long-term maturities is anticipated to increase dramatically.  This makes sense as the government is being enticed by the need for funds and low borrowing costs.  There is even chatter in regards to the Fed issuing maturities of 40 years or more, this too is lifting some of the demand for the T-Bond.  Once again, many analysts and traders saw this phenomenon developing (including this newsletter) but the timing seemed questionable in the face of a runaway Treasury train.  If only we knew on December 30th, what we know now…

In previous newsletters, we noted a target in the March 30 year bond at 131 and we still feel this way.  We are also maintaining our opinion of the 10-year note drifting lower to about 122.  Who knows, maybe we will even  be short-term bullish at such levels…

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Eurodollar Futures Trading Recommendations

**There is unlimited risk in trading futures.

December 17 - Clients were recommended to Sell March futures near 98.84 and buy the March 9875 call for 21.  The total risk is $300 plus commissions and fees (2 of them), profit potential is theoretically unlimited, and this trade gives you three months in the market!

————————————-

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results.  The information and data in this report were obtained from sources considered reliable.  Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

January 5th, 2009

New look, new educational content, same honest commentary www.CarleyGarnerTrading.com!

Cautious trade was met with moderate buying.

Equities suffered from some back and filling trade following last week’s impressive New Year rally but buying stepped in.  Aside from construction spending data that was reported to be slightly better than expected, the news story of the day was the December sales numbers for Ford, GM and Toyota.

Ford Motor Company reported a drop in sales to the tune of 32%.  Even worse, Toyota sales plunged about 37%.  Massive discounting and incentive packages have yet to entice consumers to open their wallets for large item purchases.  Although, some sources note that the problem isn’t necessarily with a lack of demand for automobiles but rather a lack of available financing.  The truth is probably somewhere in between.

Also in the news, speculation over Obama’s economic stimulus plan and a possible $300 billion tax cut plan seems to be keeping equities afloat.  However, we worry that the markets are unreasonably optimistic in regards to the Obama administrations ability to quickly revive the economy.  We all know that significant economic improvements take time.  Unfortunately, there isn’t an “easy button” to solve the housing and credit issues still plaguing the economy.  While the bias is higher now, we wonder whether it will be able to maintain the upward momentum as we approach mid-January, or maybe even the inauguration.  Buy the rumor sell the fact?

There is a small string of economic reports tomorrow, but the bulk of it being much later in the week (Friday).  As previously mentioned, there are a significant number of buy stop orders above the market and shorts could be getting frustrated at the lack of bearish trade.  Accordingly, there is risk of a sharp temporary rally; however, it seems as though failure for the market to find a catalyst for higher prices tomorrow will likely lead to lower stock indices.  In the absence of a trigger to the short covering rally, we are looking for 888 in the March S&P while the first area of resistance remains in the high 930’s.  The path of least resistance in the Dow seems to be toward 8,652.  The NASDAQ, on the other hand, could see prices near 1209 in the coming sessions.

Please note: A mini S&P chart is used because it is better for charting purposes, but trade recommendations are based the full sized S&P unless otherwise noted.

S&P 500 Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.

Dow Jones Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

Please note: A mini-NASDAQ chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.

NASDAQ Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

—————————————–

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results.  The information and data in this report were obtained from sources considered reliable.  Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

1.05.09

Construction and auto sales at 10. Dollar is stronger on the idea that the expected stimulus package will gain traction at some point and pull the economy away from the jaws of depression; at least that’s the current, commonly received interpretation. The key question of the day is: was Friday’s action real? Portentous of the future? Or was it just a one day phenomena due to thin market conditions.

Current views, speculations and suggestions

Mar Yen: potential reversal day  (down)
Mar Swiss: potential reversal day (down)
Mar EC:  potential reversal day (down)
Mar Canadian: potential reversal day (up)
Mar BP:  neg with res at 146.30
Mar ES: positive with support at 878.00
Mar NQ: positive with support at 1175.00
Mar Russell: pos with support at 485
Mar Mini Dow: positive with support at 8600
Mar Silver: positive but below daily support of 10.78
Feb Gold:  positive but below daily support of 858
Feb crude:  potential reversal day (up)

Longer term spread idea: from 12.22 we are long April crude at 44.90 and short Dec crude at 52.50 for a differential of 7.60.  Today buy April at 44.50. If filled, sell a Dec against it.

Mar Soybeans:  pos with support at 9.56
Mar Wheat: positive with support at 5.83
Mar Ten Year: neg with res at 125.30

**************
International Markets

Mar Euro Bund: positive with support at 123.50
Mar Dax: positive with support at 4790
*************

N.B.: if you initiate a trade using any of these numbers use a stop at least equivalent to 2 ½%. Repeat: use stops. Don’t think about using stops. Use stops.

Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment. Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.

Past performance is not necessarily indicative of future results. The risk of substantial loss exists in futures trading.

•    Sector Risk -What sector risk does is to evaluate the current positions in the portfolio to see if new trades being presented are too highly correlated to current positions. .  What this means is that if you are already long a crude oil position that has a risk of 3%-5% of the portfolio then any new trades in related markets like heating oil or unleaded gasoline should be rejected. The reason for this is because some of the biggest and most severe losses tend to come from times when a portfolio is overly exposed to a lot of highly correlated items and they all move against the portfolio at once. This risk is greatly mitigated by having stringent sector risk controls in place.

•    ”Portfolio Heat” - Portfolio heat is the amount of money your portfolio would lose if ALL positions where stopped out at the same time.
Portfolio heat is critically important because during extreme periods correlation seems to come close to 100% on everything. Basically it seems as though everything that was going up starts going down and everything that was going down starts going up. These are periods where in spite of being diversified among sectors you can still see events (albeit uncommon) where you get stopped out of most if not all of what you’re in.

•    Equity Risk. Finally, a system should keep track of and manage changing open trade equity risk. This comes into play during winning periods. For example, assume you started a crude oil trade with $2,000 in risk, however the market has gone sharply in your favor and the stop did not rise as fast as the market did and now the stop is $4,000 away. This means that without adding a single new position your risk just doubled! Furthermore imagine this happened on multiple trades at once. You could end up in a position where your risk has doubled or tripled without adding any new trades. In our opinion this is why some of the biggest drawdowns come after some of the biggest run-ups.

If you are looking get more information in this area, please go to the following page:

http://www.optimusfutures.com/commodity-futures-trading-system.htm

1.02.09

Welcomes to the New Year. There are still a sufficient number of people either physically or mentally absent to make for a light, possibly violent trading day. There’s the Institute for Supply Management out at 10. The dollar is stronger on the first day of the year while crude is lower as that short squeeze on Friday works itself out. Stocks were higher earlier but have turned mixed. Again, expect thin trading conditions and don’t jump to conclusions.

Current views, speculations and suggestions

Mar Yen: positive with support at 109.50
Mar Swiss: positive with support at 92.15
Mar EC:  positive and above daily resistance of 136.50
Mar Canadian: neg with res at 83.50
Mar BP:  potential reversal day
Mar ES: positive with support at 877.00
Mar NQ: neg with res at 1225.00
Mar Russell:
Mar Mini Dow: positive with support at 8540
Mar Silver: positive with support at 10.50
Feb Gold:  positive with support at 848.00
Feb crude:  neg with res at 46.40

Longer term spread idea: from 12.22 we are long April crude at 44.90 and short Dec crude at 52.50 for a differential of 7.60.  Today buy April at 40.50. If filled, sell a Dec against it.

Mar Soybeans:  pos with support at 9.305
Mar Wheat: positive with support at 5.765
Mar Ten Year: potential reversal day

**************

International Markets

Mar Euro Bund: positive with support at 124.35
Mar Dax: positive with support at 4732

*************

N.B.: if you initiate a trade using any of these numbers use a stop at least equivalent to 2 ½%. Repeat: use stops. Don’t think about using stops. Use stops.

Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment. Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.

12.31.08

Happy New Year. A tough one for many. Just initial claims today. Once again, trading volumes are very low and in addition to New Years Eve, snow and high winds (up to 60 mph) are in the forecast for NYC so many will eye the exits. Price action can be exaggerated because of this thining of the trading population. Crude is lower overnight despite the continuation of Israeli action in Gaza. More book squaring in currencies.

Current views, speculations and suggestions

Mar Yen: positive with support at 109.40
Mar Swiss: positive with support at 93.50
Mar EC:  positive and above daily resistance of 137.70
Mar Canadian: neg with res at 83.00
Mar BP:  neg with res at 146.00
Mar ES: positive with support at 862.00
Mar NQ: neg with res at 1217.00
Mar Russell: positive with support at 472.00
Mar Mini Dow: positive with support at 8505
Mar Silver: positive with support at 10.43
Feb Gold:  positive with support at 852.00
Feb crude:  neg with res at 41.60

Longer term spread idea: from 12.22 we are long April crude at 44.90 and short Dec crude at 52.50 for a differential of 7.60.  Today buy April at 42.50. If filled, sell a Dec against it.

Mar Soybeans:  pos with support at 9.305
Mar Wheat: positive with support at 5.765
Mar Ten Year: pos with support at 126.10

**************

International Markets

Mar Euro Bund: closed
Mar Dax: closed

*************

N.B.: if you initiate a trade using any of these numbers use a stop at least equivalent to 2 ½%. Repeat: use stops. Don’t think about using stops. Use stops.

Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment. Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.

——-

12.30.08

Filed 7:42 pm Tuesday

————————— Last———————— Last Week 12.23
Feb Crude ————— 39.36 —————————–     38.98
Feb Heat ——————130.87——————————  134.52
Feb XRB (Blended Gas) —– 93.82 ——————————-  89.95

Oil Is higher over the past week primarily due to the Israeli bombing of Hamas on the Gaza strip and the potential ramifications of increased unrest in the Middle East. As the market became aware of the intensity of the military action, prices spiked. Prices eventually fell back from the highs as the market refocused its concern on demand and global economies. Hamas is an Iranian supported group that controls the Gaza strip. Demand in the United States for crude oil and its products continues to decline. Fuel use fell by 4.2% over the last four weeks ending December 19 from last year at this time. Crude oil traded as high as $42.20 before falling back. Crude oil is down 60% for the year. Iran holds the world’s second-largest known reserves. Should Iran be drawn into this conflict, there is a chance that crude oil could spike again. The US Department of Energy went on to say that gasoline demand was down 2.7% from last year at this time while distillate demand fell by 5.1% and jet fuel was lower by 12%. The International Energy Agency stated in a recent report that global consumption will fall by 200,000 barrels a day in 2008; this is the first decline in use since 1983. China recently announced plans to stockpile crude oil given the currently low price. Futures prices traded at a four-year low on December 19th at $32.40. A weaker dollar is also supporting prices. Year end  short covering has also been a supportive feature. Also, OPEC is scheduled to cut back on production in January. Abu Dhabi and the United Arab Emirates will reduce crude oil exports both in January and February. OPEC agreed on December 17 to cut back daily production by 2.4 6 million barrels in January. Given the prices are so low, it’s expected that there will be compliance with these production levels. The real money in this market will be made in the spread between the nearby months and the deferred months. Usually this market is a “just in time” market with the front month selling at a higher price than the back months. Now that relationship is completely reversed with April selling at a $5.50 premium to February. Money flow for gasoline is positive while money flow for crude oil is negative.

————————Support———— Resistance
Feb Crude—————— 35.20 —————–  44.50
Feb Heat—————– 119.20—————–146.00
Feb XRB——————— 81.00—————– 104.00

METALS
———————–Last—————— Last Week   12.23.08
Feb Gold————— 874.30———————- 838.10
Mar Silver————— 10.975 ———————-10.26
Apr Platinum—————925.00———————-850.50

Gold prices are higher over the last several sessions due to increased tension in the Middle East and a weak dollar. Short-term interest rates in the United States remain very low with the yield on the 10 year note close to 2%. The interest rate differentials favor most other foreign currency against the dollar. Also strength in the grains is psychological positive for the metals as well. As long as the Israelis continue to take military action against Hamas, traders will continue to buy gold on any setbacks or retracements in price. Also, the market is waiting for the beginning of the Obama presidency and the stimulus program he is expected to introduce shortly after taking office. The eventual consequence of incredibly low interest rates and a very aggressive Federal Reserve along with a president eager to stimulate the economy should result in higher prices for gold. The major negative for metals is the continuing economic contraction both in the US and abroad. Should gold be able to test $900 an ounce, the market would find itself in an overbought position and a retracement should be expected.

—————————-Support———————-Resistance
Feb Gold———————861.00———————–900.00
Mar Silver———————10.36———————–11.50
Apr Plat———————-876.00———————–966.00

********************************* SOFTS
—————————Last————————Last Week
Mar Coffee—————–107.55———————–107.45
Mar Sugar——————11.29————————10.85

Sugar remains relatively strong as gains in crude oil and a weaker dollar continue to be supportive. With a higher price for crude oil based on unrest in the Middle East and the growing fear of potential supply disruptions, the ethanol market has found some support. Money flow in coffee remains negative, however. Coffee trading is basically a year end book squaring affair.

————————Support————————-Resistance
Mar Coffee—————104.50————————–110.50
Mar Sugar—————-10.90—————————11.50

**********************************************
————————Last————————- Last Week
Mar Soybeans————9.53—————————9.05
Mar Corn—————-3.962————————–3.946

Soybeans and corn continued to rally on the idea that dry weather in South America may damage crops and lift prices. The southern Brazilian growing region is experiencing its worst drought since 2005. Soybeans are almost 8 percent higher this month. Growing regions in Argentina are also dry. Corn futures are 50% lower than the high recorded on June 27th at $7.99. Argentina is the world’s largest exporter of animal feed and vegetable oil made from soybeans. Brazil is the second-largest exporter of soybeans after the United States. Corn production in Brazil is speculated to be lower by almost 9%. Corn production in Argentina is said to be lower by 14% from last year at this time, according to the USDA. Money flow in both markets remains positive.

——————————-Support———————–Resistance
Mar Soybeans——————9.09 —————————9.99
Mar Corn————————3.685—————————4.36
Chuck Kespert

———————————————————
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 ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS 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.

December 30th, 2008

Happy Holidays from DeCarley Trading!

Boring trade leaves indices range bound.

It was another quiet day on Wall Street in terms of market participation.  Those trading futures on the CME in Chicago were likely just as bored as insiders note a lack of retail order flow and highly reduced levels of institutional trade.

Stock index futures caught a moderate bid following an announcement from Washington that vowed to provide $5 billion in financing to General Motors Corporation’s financing arm GMAC.  The money was said to be an allocation from TARP and is intended to make it easier for consumers to receive credit when purchasing an automobile.  Jack Ablin, chief investment officer at Harris Private Bank, commented; “This is trying to slow down the economic train wreck.”  He added, “Investors are taking a step back, and realizing that this will enable auto buyers to finance their cars and add liquidity to the market.”

On a side note, I think it is interesting to point out the magnitude of panic that has filtered its way onto “Main Street”.  A contact of mine expressed interest in purchasing silver bullion bars as an investment in which he intends to hold for the next several years.  After making a few phone calls, I was shocked to discover that metals bullion is in such high demand that investors are paying very large premiums to get their money out of the greenback or dollar based assets.  The dealer that I spoke to mentioned that some of the buyers that he had worked with were selling their homes and putting six to seven figures of the proceeds into gold and silver bullion in which they are storing through their own means…garage (if they still have one)?  He also mentioned that some are paying premiums as high as $8 per ounce to purchase silver.  In other words, if silver futures are trading near $11 it would cost you nearly $19 per ounce plus shipping and handling to purchase the bullion.  What is even more shocking is that the premium only accounts for half of the bid/ask spread, how much could one expect to get for selling the metal?  I didn’t get a quote, but my guess is that it would be far less than the $11 market price…plus shipping and handling.  In my opinion, this phenomenon is even more disturbing than investing in T-Bills with a negative yield, after all the price of silver would have to double, or more, just to get your investment back. I think this is far more telling than the consumer sentiment index released this morning at a record low.

Look for resistance in the S&P near 870 and again at 912; major support should be found near 842.  Heavy support in the Dow won’t be found until 8,290, in the meantime resistance is near 8,875.

Please note: A mini S&P chart is used because it is better for charting purposes, but trade recommendations are based the full sized S&P unless otherwise noted.

S&P 500 Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.

Dow Jones Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

Please note: A mini-NASDAQ chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.

NASDAQ Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

Flat

————————

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results.  The information and data in this report were obtained from sources considered reliable.  Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

December 30th, 2008

Happy Holidays from DeCarley Trading!

Nothing going on in the pits, but prices moving.

Unlike yesterday, market participants were provided with economic data; as we have been seeing in recent months the news was bond friendly.  Consumer Confidence was reported at a stunningly low level of 38, a far cry from estimates in the mid-40’s.  The Chicago PMI came in slightly better than predictions but well into contraction territory at 34.1.

Customer order flow is nearly non-existent, it seems as though the little trading that is being done is at the hands of commercials and funds.  In the meantime, we recommend that you stay away from the markets until the players return, likely well into next week.

In the meantime, Treasury prices continue to be faithful to the trend.  Early morning selling pressure was quickly met with “bargain” buying.  I wouldn’t be willing to lay money on the table, but I believe that the 30-year bond is destined for higher prices in the near-term.  Our first target is just above 144; should we be proven wrong,  support will likely be found near 137.  A break of near-term support cold lead to a move down to 129; however, we are expecting a rally before a correction can occur.

If you are following the 10-year note (which isn’t a bad idea given the volatility in the T-Bond), we see resistance at 129′09 and expect the March futures contract to reach such levels in the coming week.  On the downside, support can be found in the mid-125’s and again near 122.

If you are participating in the Eurodollar recommendation, we are looking for higher prices and an opportunity to peel the long call option off with a nice profit.  Once this is done, the position will contain “naked” risk on the upside and hopefully meaningful profit potential on the upside.  Stay tuned.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Eurodollar Futures Trading Recommendations

**There is unlimited risk in trading futures.

December 17 - Clients were recommended to Sell March futures near 98.84 and buy the March 9875 call for 21.  The total risk is $300 plus commissions and fees (2 of them), profit potential is theoretically unlimited, and this trade gives you three months in the market!

———————————-
Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results.  The information and data in this report were obtained from sources considered reliable.  Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities.  Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.