Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Should I Trade FOREX or Currency Futures?

By Matt Kang, Senior Broker

FOREX (foreign exchange market or currency market) refers to an international exchange market where currencies(pairs) are bought and sold. For instance, EUR/USD, GBP/USD, AUD/USD and more. If you are trading forex, you can hold your positions as long as you want because it doesn’t have any expiration date. But there is a cost associated with keeping the position over night, it can either be a credit or debit depending on the interest difference between two countries.

Currency futures are in one currency such as EURO FX or Canadian Dollar. Unlike FOREX, there is an expiration date which means you can only hold the position until that time. For example, if you are trading Mexican Peso and South African Rand but carry the position after the expiration date, these currencies are physically delivered four times in a year on the third Wednesday of March, June, September, and December.

 

Liquidity and Centralized Market?

 

The FOREX market is the largest and most liquid market in the world.  There is no centralized location for FOREX, which means there is no one physical location which is supervising this market. Therefore, traders must check the quotes of various currency pairs from each dealer.

The currency futures market has a respectable daily average closer to $100 billion. Compared to the 4 trillion FOREX daily volume. Currency futures are not as liquid as forex, but sufficient enough to trade. Currency futures are a centralized market, and one key aspect of centralized markets is that all traders and investors are able to see same quotes and the existence of a clearing house, it guarantees the integrity of the transactions. The resulting benefit of reduced risk from not dealing with variable counterparties is a key aspect of this.

 

Cost of Trading and Commission?

 

Some people say “I trade FOREX because there is no exchange, no regulatory fees and no commissions” but it is not true.  If you trade currency futures, you will see all of these fees exist, such as NFA fees, exchange fees and commission fees. It will cost around $5-8 (buy and sell) for a self-directed account. If you are trading FOREX, then all of these fees are included in a bid/ask spread. A typical spread for EUR/USD is 1.2 pips which is equivalent to $12.

 

So Should I Trade FOREX or Currency Futures?

 

 

For the average investor who trades an account of $2,500 to $500,000 it is probably wiser, and more cost effective to trade Currency futures. The cost of trading will be lowest with this amount of funding and the roll-over rate will not dramatically impact your trading.

 

If you are working with very little money ($250 to $2,000) OR trading with more than $1 million OR trading some exotic pairs, then you will be better off with FOREX because it offers mini as well as micro trading sizes. Also, if you are investing over $1 million, then it is possible to earn interest and lower spread (fees).

 

Disclaimer – Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Maybe you should take a look at trading bond futures ( ZB)?

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Dear Traders,

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My colleague, John Thorpe, just shared a good post discussing interest rates futures, how it affects your mortgage and more. You can read the full post here.
Reading the post reminded me how much I personally like both the 30 yr bonds and 10 yr bonds for shorter term and medium term trading.
If you are a day-trader, read below and start following the bonds or 10 years and let us know if we can assist you in any way!
The ZB or the 30 year offers a different type of personality than the mini SP and other indices. It is more sensitive to certain economic reports and trades differently than other markets, just a total different personality.
The tick size on the ZB is 1/32 or $31.50 per one point/ tick.
I included some contract specs on the T Bonds futures below as well as an intra-day chart for your review.
The 10 yr notes or the ZN are very similar to the 30 yr except it does trade in half points, so minimum fluctuation is $15.625 and the 10 years will have smaller moves than the 30 yr although 99% in the same direction ( opens the door for spread trading on a daytrading basis).
If you like to have access to the trading signals like shown in the chart below, click on the get started now.
30 yr Treasury Bond Futures Specs
Hours: 05:00 PM previous day to 4:00 PM Central Time
Margins: $2530 initial, $2300 Maint. ( as of the date of this newsletter)
Point Value: full point = $1000 ( Example: 144.16 to 145.16 ). Min fluctuation is 0.01 = $31.25 ( Example: 144.16-144.17) Settlement: Physical Delivery
Months: Quarterly (March,June,Sep,Dec)
Weekly Options:YES
Some of the basic fundamentals to keep in mind when you are considering trading the U.S. 30yr Treasury Bonds for this matter:
1. Interest Rates.
2. FOMC Rate decisions and Language
3. Focus in macroeconomics
4. Bond Prices have an inverse relationship to Interest rates
5. Correlation to US Dollar prices
6. Inflationary prospects
7. Geopolitical Stability
8. U.S. Fiscal and Monetary Stability
Our brokers here at Cannon will be happy to chat about the Bond market, other interest rate products, other futures, options, futures spreads and much more! Feel free to contact us at any time.
Feel free to click on the chart below to view on larger scale.
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-18-2019

 

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try free demo account


Economic Reports, source: 

bettertrader.co

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Interest Rate Futures, Real Estate and Mortgage Rates

By John Thorpe, Senior Broker

 

Over the course of the last 45 years, whether you own a small monopoly of commercial buildings or a condo on Oak street U.S.A. your investments are subjected to the actions of the Federal Reserve Bank.

 

The Federal Reserve Bank seeks to provide stability in the largest world economy through interest rate regulation. Its mandate is to use financial tools to satisfy two congressional mandates, 1: Full Employment and 2: Moderate Inflation to a 2% annualized rate; Move too far too fast in any direction with policy shifts and financial perils for all! may be in the offing. The economy could move too fast in the wrong direction or too fast in the right direction which can lead to an overheating and a bursting of an economic bubble. Look no further than Savings and Loan crisis in the 1980’s and 90’s, the Japanese housing market collapse in 1989 (Japan is currently still struggling with a zero interest rate environment 30 years later) the Dot Com bubble after Y2K and most recently , the housing market collapse, which began with the bankruptcy of Iceland, no one paid attention, then the bankruptcy of Ireland, again, no one paid attention, then the bankruptcy of Bear Stearns,  some paid attention  (what did any of these entities have to do with the value of our homes, we thought) then Lehman brothers collapsed in September of 2008 and everyone paid attention as our home prices collapsed.

Use Google, DuckDuckGo, Bing or any of your favorite search engines and type in

10 yr. correlation with mortgage rates

 

You will find search pages full of information about the importance of interest rate policy and its effect on mortgage rates, specifically the Fedfunds rate.

FedFundsVS10

 

 

Whether you have a 30 yr fixed, a 15 yr fixed or a 5/1 ARM  (usually capped after 5 years) you need to protect your largest investments by first understanding the tools available to the public to monitor these markets and second, knowing you can contact a professional to discuss the myriad of ways to hedge your real estate portfolio and be ready when you need to by utilizing the futures markets to protect your investments.

 

The hypothesis:  Generally speakingand largely from region to region diversity, when interest rates go lower, home prices go higher. Lower interest rates lead to increases in the value of real assets. Mortgage rates are sensitive to changes in Fed Policy, the 10yr note being the reference financial instrument moves in response to market reactions to Fed policy shifts.

 

When interest rates go higher, a definite time lag exists in the long run may make  home prices move lowerand real asset prices lower.

 

 

Watch futures market prices in the interest rate futures. Get comfortable watching the interest rate futures contracts.

 

I am by no means offering a pure hedge or even a short-term hedge in my analysis.

I believe what you will see and get a sense of the ebbs and flows of these markets from a visual perspective  while you are learning about the base currency (US Dollar) valuation of real assets changing and thereby affecting not only the value of the real assets you hold but also the cost to maintain those assets. The interest rate futures markets give you the clearest picture of how policy equates to real rates for you, the mortgage holder. 10yr Note Futures prices and chart

 

Major trends that are a serious harbinger of future housing price changes are important to understand so you may act to preserve, maintain and profit from potential shifts in policy.

 

MortgageVSTreasury

 

FRED

 

Between 2008 and 2012 during the last recession, a major fed policy tool used was a series of fed fund rate reductions (net effect is the cost of money becomes cheaper relative to real asset prices), these calculated moves lowered the interest rate on longer term debt obligations  10Yr. Note Futures Prices and Chart as well as all dollar denominated Treasuries.

 

As you can see, Mortgage rates, I mean the 10yr Treasury Note rates (Freudian slip, sorry), are still at or near all-time lows.

Treasury

In Summary, Familiarizing yourself with the interrelationships among Mortgage rates, 10 year treasuries and fed fund policy shifts are an important starting point for a conversation with a professional about protecting your family’s biggest investment.

 

A Cannon Trading professional is available between 8:30am to 5:00pm Eastern to answer your questions Call Now

 

Disclaimer – Trading Futures, Options on Futuresand retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledgeand financial resources. You may lose all or more of your initial investment. Opinions, market dataand recommendations are subject to change at any time.

 

Daily Silver Chart & Support and Resistance Levels 7-17-2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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Cannon Trading is pleased to present a FREE 3 week trial to a simple day trading concept you can learn, evaluate and implement on all major futures contracts.
The trial includes a 23 page PDF that outlines our concept for daytrading, how to use the two main indicators/ ALGOS, money management rules and much more. Interested clients and qualified prospects will be able to set up two different 15 minutes desktop sharing sessions to review from the conceptual stage to the implementation page, as we walk you through the set up on your own machine and provide feedback as we assist you through the learning curve.
What’s Included?
Free demo that includes the charts along the indicators below: (Diamonds and Arrows)
23 page PDF booklet with examples, explanations and more…
Live remote session during market hours to review the model with realtime price action.
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Daily silver chart below. Silver made a nice breakout today but we need to see some follow through to this move, specifically above 15.80 if the bulls want to get excited.
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-17-2019

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Economic Reports, source: 

bettertrader.co

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

The Influence of Social Media on Futures Trading

The Influence of Social Media on Futures Trading

By Roger Muri, Senior Broker

Trading the news is one of the oldest ways of predicting a market direction, predating the now popular algorithm indicators that are designed to predict break-outs. For a long time, people searched the news looking for ways to get information as fast as the big players in the market. But now, there is a more rapid information feed that may indicate the trends of the futures market even faster: Social Media.

Social Media has become the fastest highway down which real news, opinions, and rumors travel, and the effects on the market are rapid and real. No example of this is more prominent right now than the Twitter account of President Donald Trump. Often, a single tweet from the President can result in immediate market fluctuations. These effects can be so startling that many have suggested that futures trading platforms should include a live social media news stream that integrates the accounts of prominent figures and news outlets from Twitter, Facebook, and even Instagram.

However, until these trading platforms create this integration, it is not a bad idea for the responsible trader to set alerts for the social media accounts of everyone from President Trump to CNN. Staying informed and getting that information as rapidly as possible has always been an important tool for successful traders, and in 2019 that is simply not possible without up-to-the-minute knowledge of prominent social media posts.

Of course, this does not mean the successful trader can throw away their current in-depth economic news resources. The current climate requires access and understanding of detailed economic reports as well as awareness of each day’s political news. These resources remain invaluable, and social media can only enhance them, not replace them. And unlike many of today’s financial news sources, adding these social media alerts to one’s trading arsenal is free, so there’s really no excuse not to.

The future of social media seems clear, politicians, news outlets, and business will continue to use it more and more to share their news and opinions. The smart trader will do their research, find the social media accounts that have the most effect on their portfolio, and follow those accounts daily. Until futures trading platforms decide to include these feeds, it is up to the trader to create their own customized feed.

The influence and availability of social media can only stand to improve the chances of success for individual traders. Social media allows information to be available to the public as quickly as it is to the big players in the market, and therefore helps to level the playing field. Smart traders will use this new technology to their advantage, increasing their chances of finding success in the futures market.

Disclaimer – Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Weekly Corn Chart & Support and Resistance Levels 7.16.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

Like us on FaceBook!
The picture below was shared with me by a good client of mine, from Kansas, who has both a hedging account and a speculative account with us.
I thought it was a great picture worth sharing as well as the fact that the title accompanied it was:
“We are hitting record yields. Some doing 100-120 bushel/acre even on non irrigated”
Feel free to inquire about our services for hedgers either directly or on our website. I included a weekly corn chart for your review as well.
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-16-2019

 

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Economic Reports, source: 

bettertrader.co

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Trading Futures Using an IRA account

Utilizing Your IRA for Futures Trading through Futures Brokers

Learn more about trading futures using your IRA with Cannon Trading Company here.

Many individuals engaged in futures trading may not be aware of the possibility of conducting futures transactions within their IRA (Individual Retirement Account). Cannon Trading Company facilitates futures trading within your IRA, provided that your IRA is held with a qualified custodian that permits futures and commodity trading within IRA accounts.

When trading within your IRA, you can benefit from the traditional tax advantages that IRAs offer while gaining access to nontraditional markets, such as futures (consult a tax professional for guidance). These markets encompass a variety of futures and commodities, including energy markets like crude oil and heating oil, financial markets such as the 30-year bond and 10-year note, and even softs markets like cocoa and coffee futures, among many others. You can find a comprehensive list of the markets available for trading within your IRA account here:(https://www.e-futures.com/margin-requirements.php).

Before you embark on trading within your IRA account, there are several important considerations:

– Your IRA must fall under a qualified IRA type, which can include Traditional, Roth, Rollover, and SEP IRAs.

– Your IRA must be held with a custodian that permits futures trading within IRAs. Some of the custodians we collaborate with, who facilitate futures trading within IRAs, include Midland IRA, Millennium Trust Company, Equity Trust, and others. Please contact us for further information.

– You will have access to a wide array of futures markets, including currencies, energies, financials, grains, indices, meats, metals, and soft commodities.

– You have the option to select from multiple trading platforms to best suit your specific trading requirements.

– Trading futures options is also possible within your qualified IRA account.

– Standard day trading margins and initial margins apply to all IRA accounts, with no additional margin restrictions specific to IRAs.

It’s essential to recognize that trading futures within your IRA differs significantly from trading stocks and securities in a traditional IRA, which most investors are accustomed to. Notably, futures contracts have expiration dates and may require rollovers if held over an extended period, unlike traditional stocks and securities, which can be held long term without modifications or rollovers. There are numerous other distinctions between trading futures and commodities compared to stocks; feel free to reach out to us for further information.

It’s worth noting that while IRAs are traditionally a vehicle for retirement savings, futures trading is inherently more aggressive due to the substantial leverage involved. Each individual must carefully assess whether using IRA funds for futures trading aligns with their overall retirement strategy.

Should you have any inquiries concerning trading futures within your IRA account or need information about custodians that permit futures trading within IRAs, please don’t hesitate to contact Cannon Trading. Our licensed brokers are available to assist you in establishing the most suitable setup for your trading needs.

Ready to start trading futures? Call 1(800)454-9572 and speak to one of our experienced, Series-3 licensed futures brokers and start your futures trading journey with Cannon Trading Company today.

 

Disclaimer – Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  Past performance is not indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Support & Resistance Levels 7.12.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

Like us on FaceBook!
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When you are trading, specifically day-trading, and things are not going your way – resist that temptation to start doubling down, averaging down and all the other great ideas….force yourself to take a break for 10-15 minutes, reset and then come back to the screen.
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-12-2019

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Economic Reports, source: 

bettertrader.co

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

8 Steps for Better Trading & Levels 7-11-2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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8 Steps for better trading
My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after serving online traders worldwide for more than 20 years.
The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each futures trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses.

1. Education

Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures commodities trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.

2. Find a System

I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”

3. Survival

This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!

4. Money Management

While it is closely related to survival, money management can also stand alone. For your own survival, you must set trade/daily/weekly loss limits. Sound money management is closely associated with knowing your risk-reward ratio (again, per trade and per time frame).

5. Goals

You should have a game plan and established goals which will function as a road map to measure your progress and improvement. Set per-trade goals, daily goals, weekly goals, etc. Many of you who are clients are familiar with these questions: What is your daily profit goal? Where do you see yourself in a week from now.? Six months from now? A year from now? How are you planning to get there? Break it down into small steps, and you’ll always know whether or not you’re on the right track. And do not forget to continually re-evaluate your financial situation as it pertains to risk capital.

6. Experience

If you made it to this stage you’re on the right track! Just like anything else in life, the more experience you have, the greater your success is likely to be. The key is to acquire the experience without devastating your risk capital. What good is experience without risk capital in your trading account?

7. Learn your Setups, Strengths, and Weaknesses

Teach yourself to recognize different set-ups that you feel comfortable and confident with. Then attack. You cannot get to this stage without going through the previous steps. If you did not survive, develop a trading system, set goals, etc., you may recognize the right setups but lack the confidence or the cash to take advantage. I sometimes compare being the “pro” to the lion who is waiting patiently for its prey and then attacks when the time is right!

8. Trading on a Consistent Basis

This means you will continue to evolve as a trader and go through these stages over the years again and again.

In Conclusion

Don’t be discouraged by reading this. Succeeding in futures trading takes hard work and time.
Please be realistic, make sure you only try this with risk capital only and periodically check yourself and try to learn from your mistakes and successes.
Good Trading!

Disclaimer

The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used.
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. And more, you should not fund day-trading activities with funds required to meet your living expenses or change your standard of living.
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-11-2019

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Economic Reports, source: 

bettertrader.co

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Options on Futures & Support and Resistance Levels 7.10.2019

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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RECORDED WEBINAR Options 101: Adding Options as a Weapon in Your Trading Arsenal
Options on futures can be used in many different ways and as a trader you need to be aware of all the tools you can use!
View the recorded webinar INSTANTLY. During this presentation, John Thorpe, Senior Broker with Cannon Trading and an ex floor trader shared and reviewed the following :
* Difference between Futures and Futures Options
* Option as an Insurance product
* Two components that make up the value of an option.
a. Time Value
b. Intrinsic value
* Buying Options
*Selling Options
* Examples of Option Strategy recommendations
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Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

Futures Trading Levels

07-10-2019

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Economic Reports, source: 

bettertrader.co

8b68f619 549a 4eee b351 379ca604f907

 

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.