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2-2: D
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Figure 1-1: What is a Commodity Futures Contract? 2 Figure 1-2: Three Types of "Players in Futures Markets 3 Figure 1-3: Diagram of Trading Floor at the Chicago . Mercantile Exchange 4 Fi gure 1-. De I"very Months In Corn 4' ' 1 · · . · .5 Figure 1-5: Delivery Months in Pork Bellies 6 Figure 1-6: Deli very Months in Crude Oil 7 Figure 1-7: Market Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
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Figure 3-12: What Traders Want to Know Figure 3-13: Orange Juice Daily Seasonal Futures Chart Figure 3-14: Swiss Franc Daily Seasonal Futures Chart Figure 3-15: Coffee Daily Seasonal Futures Chart Figure 3-16: S&P Daily Seasonal Futures Chart
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Cycles in Futures Trading (Video Seminar Series #2)

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Seasonals Part II (Video Seminar Series #4)

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Interest Rates 1900-1995 10 Short Term Interest Rates 1800s to 1995 11 Soybeans Cycles _ · · 12 British Pound Cycles 13 Pork Bellie Cycles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Corn Cycle 15 Shell Egg Prices 1968-1977 16
Introduction To Seasonals (Video Seminar Series #3)

Figure Figure Figure Figure Figure Figure Figure 3-1: 3- 2: 3-3: 3-4: 3-5: 3-6: 3-7: Sample Seasonal Array Corn Monthly Seasonal Corn Monthly Seasonal 1960-1992 Overlay Seasonal Cash Chart for Oats Split Decade Seasonal for Oats Crude Oil Array January Lumber Weekly Seasonal Futures Chart
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Lumber Key Date Seasonal · · · · · · · · · · .36 Cash Petroleum Seasonal 37 Dow Jones Key Date Seasonal 38 Dow Jones Key Date Seasonal April 6th-April 16th · · · · · · .39 Key Date Seasonal in Wheat · · · · · .40 Key Date Seasonal in TBond Futures 41 Figure 4-7: Art Merrill's Chart of Pre-Holiday Behavior in the Stock Market 42 Figure 4-8: Key Date Seasonal Live Hogs · · · · · · · · .43 Figure 4-9: March/September Oats Spread ' .. 44 Figure 4-10: July/November Soybean Spread 45 Figure 4-11: April Live Cattlel April Live Hog Spread · · · · · · · .46 Figure 4-12: June/April Live Hog Spread 47 Figure 4-13: December WheatlDecember Oats Spread . . . . . . . . . . . . . . . . . . . . . . . .48 Figure 4-14: March CornlMarch Oats Spread 49
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10
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Jake Bernsteitts C cles in Futures Tradin

HBH COHHDDllY ADvrSORS. INC
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.. .. .
13
Jake Bernstein's Cycles in Futures Tr~ding

This is the first market I ever traded. Note the tendency for prices to move higher in the summer.
CENTS PER
DOZEN
EGGS "SH ELr'
CHICAGO
· (WBLY HIGH, LOW & QOSE Of NEAREST UlES) M
CENTS PER
OOZEN
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Figure 2·7: Shell Egg Prices 1968·1977

Reprinted with permission of Commodity Research Bureau
16
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·17
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Jake Bernsteinls Introduction to Seasonals
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
. Sep
Oct
Nov
Dec
1720
1721
+
1722
1723
etc.
This is how we calculate monthly cash seasonality.

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Figl1re 3-1: Sample Seasonal AlTay

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H r OH I 5EASONAL UP MONTHS I
APR HRY JUL
THLY SEASONAL CASH TENDENCY: ·CORN

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HIGH I SEASONAL DOWN MONTHS.

J DEAL SEASONAL HIGH I .AUG J DEAl ~R'ONAL LOW I JAN
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Cash corn • prices have had a very· reliable seasonal history.
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DEC t .4 -.2 -1.4 -1.4& -3.2 56.1 -54.4 ; -58.8 -sa.a -S8.9
SEF
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d
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Jake Bernstein's Introduction to Seasonals

Cash corn • prices had a very reliable seasonable history. This is the shorter term chart for tbem,
HIOH I SER!ONRL UP HONTHSa JAN APR MRY DEC HIGH I SEASONRL DOWN MONTHS: JUN RUG SEP OCT
I DEAL SEASONALHIGH: JUL IDEAL SEASONAL LOW I NOV
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Figure 3·3: Corn Monthly Sessonal1960 - 1992 Overlay

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MONTHLY SERSONAL CASH TENDENCY: OATS
Yeors 1915 - 1994
HIGH I SEASONAl UP MONTHS: JAN SEP OCT NOV DEC HIGH I SERSONRl DOWN MONTHS: FEB JUN JUL AUG (DEAL SERSONAL HIGH: JRN IDERL SERSONAL LOW: RUG
This chart shows the seasonable pattern in oats over a period of many years.
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. ·····21
-~----'----------....
._.
-----_.-
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Jake Bemsteitvs Introduction to Seasonals
OATS
This chart shows the ten year analysis of oats • prices.
SPLIT DECADE SERSONAlS JAN
I I I
FEB
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Figure 3-&:SpHt Decade Seasonal for Oats

22
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MONTHLY SEASONAL CASH ARRr:lY ANAL Y5..15 I FUELO l~L Years 1962 - 1994 ................................ -----~..........._.....__+-----_...._......----....._...._----~
.... -..
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High'
MONTHLY SEASONAL· CASH TENDENCY: FUELOIL

HIGH S SERSONAL DOWN MONTHS: IDEAL SEASONAL HIGH: DEC
I
Yeore 1962 - 1994

APR
HIOA S SERSONAL UP MONTHS,_ RUG SEP OCT NOV DEC
By using the array analysis, W"e can find the best opportunities historically.
DEAL SEASONAL LOV r
JUN
Figure 3·6: Crude Oil AlTay

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INC.
WEEKLY SEASONAL COHPOS"ITE FUTURES CHART ·1972 THRU 1992
JAN LUMBER
""
Lumber has been avery seasonal market.
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Figure 3·7: January Lumber Weekly Seasonal Futures Chart

24
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Orange Juice futures tend to decline once the fear of frost is over.
r MEH
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COHHOlJ i TY ROV J SORS. INC.
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Figure 3·8: Orange Juice Weekly Seasonal Futures Chart

25
Jake Bemsteirts Introduction to Seasonals

Note the tendancy for treasury bond futures to rally late in the year.
HBH
DllY
WEEklY
DEC TREASURY BONDS 1978 TtttU 1993 CD 1_1.-
C(»POSI TE FUTIJIIES DAlT
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1 .1 17 .1 I' 14 l'
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Figllre 3.. : TBonds Weekly Seasonal Futures Chart 9
Jake Bernsteirts Introduction to Seasonals

MBH COMMon I T Y ROV ISORS •
r NC •
VEEKL y SEASONAL COtPOSI TE FUTLES CIART

1978 TtflU 1993
MAR FEEDER CATTLE
ILL YEARS Il,tLL I SH YEARS

ISH YEARS
--_ .. ----_ ... -_ .......

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:;l1li 775f
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Feeder cattle futures show many seasonal opportuni ties.

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Figure 3-10:.Feeder Cattle Weekly Seasonal Futures Chart

27
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Jake Bemsteirrs Introduction to Seasonals

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Figure 3-11: Wheat Daily Seasonal Futures Chart

28

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J1BH COMMOD J TY ADV 150RS •
J NC ~ DR J L Y SEASONAl COMPOS) TE FUTURES CHART
MRR ORANGE JUICE

t
~--~.~-.--~------90
BULLISH YEARS
BEARISH
86 91
YEARS
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ALL YEARS
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OJ Futures have strong seasonality.
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Figure 3·13: Orange Juice Daily Seasonal Futures Chart
e: - _".... ....... ! ; '.. ; .'.1.J , l " f... ··-1 L·.,4~~ ".;~

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NC.
DRILY SEASONAL CO~05ITE
FUTURE5
CHRPtT
DEC SWISS FRANC

...-TJtlcn I" ...
-.-._------_
lULL J SH YEARS
~~~------ ---~.__ --~--L-------~~~~~~--------~--~----~------~~~--~~~--------~~~~~~~~~~~~------------~~~~~-• •

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The Swiss Franc shows many reliable seasonal patterns.

Figure 3·14: Swiss Franc Daily Seasonal Futures Chart
.
...
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3· ··t····· . .
.
.
:"
Jake Bernsteirts Introduction to Seasonals
MBH C
NC. DRILY
I(A50NAl. CQHflOSIT£
FUTURES tHf!l~T
.MAR COFFEE
aPTl11IfI' 1" ..
lULL 15H YEM!
.Plft ISH YEM'
~--~------------------.-----~.~-~~------~----------~~-, __~---- ~~~----------------------'_-T----------------~------~~~~--~--------------~~----------------------L-------------------------~--~~~ ----
73 7 C 77 7g 81 84 II II 87
II I] 18 III V2
--
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1973 IHRU 1992
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Coffee is one of the most seasonal markets.

Figure 3-15: Coffee Daily Seasonal Futures Chart
32

:OMl'OS I TE FUTURES CHART
S&P INDEX
1M tIN-
lULL 15M T£M5

~ ~ ~
D' 8! II 17 II 11 12 93
...- . - .- ..- - ..
BEAR 151-1 YEARS

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Figure 3-18: SAP Daily Seasonal Futures Chart

..
33
....
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aining Manual
L
311
..
_. • : .-. I • • : ••••• • ••• .. I _. • ...
CONTRACT
•••• 1111 ••
------ENTRy-------DATE--PRICEa==:&I1 _
7101lB
7201LB 7301LB 7401LB 7S01LB 7601LB 7701LB 1801LB 7901LB 800'1 LB
11 /23/7·0 11122/71 11/21/72

11/21 /73 11/21/74 11/2·,/75
. 75.8 102.0 135.8

134.3 108.7 154.3 178.0 196.7 197.3
-------EXIT--------DATE--PRICE= -~---- .......

_ ...... -14.. ._.
+
PROFIT
1"/22/76 11/21/77 11 /21/78
t 1/21 /79
1 1/·2 1/80 I 1 123/81 11 /22/82 11,'21/83 1 1 /: 1/84 11 /Z 1/85 11 /·21 /86 11/23/87 11121/88 1 1/1 Z l/fJ9
.
224.6
189 . 1 152.8 166.3 -1 78 . 2
8101lB
S201LS 8301LB 8401LB 8501LB 8601LB 8701LB 8801LB 8901LB
9001LB
1/70 121 1171 12/ 1/72 121 3/73 1 Z/ Z/~74 11/25/75 1"c.1 12/~ 1/'77 1 2 / 1 ,"·78 11/28,/79 11/26l'80
I
121
.... _.. ..._= --~~ == 1 .2 1.S
LOSSC-)
% PROFIT LOSS(-)
ACCUM
. 103 . e
77.0
...-_-. ....... --- ..... -~~-----.

1 .58 1 .76
-._--_ ....... .. ~-.---~

1 .2
TOTAL
138.3 134.7 109 . 1 146.9 178.9
1 .84-
.4 .4 -7.4 .9
5.9 17.0 -10.5 -8.4 '..' .., L . ~.
1 .0 'I- .
.30
.37 -4.80 c· .:...1 1
3.0 5.5 5.9

6.3 - 1. 1
5.7
202.6
214.3 214 . 1
3.00 8.62
1BO.7
1 JtJ. 167.3 183.0
L· a:
12/" 12,1
1 i~~ 1
-4 ./)"" -4.44 1.51

.. 60 2'.69 4.29 1.83
I~' ... 12 . . 3.8
1/82
1 • '83
6 1.
I
1 2,'
E:
14,_,
149.6
" 1 1-.1 ./ 3..... 84
156.0
1,/
1Z/ 121 .: 12/
2/85
1186 1/87 1/S:3
3/'JO
168.4 1'74 • 4 17'1.8
1:35.6
157.0
1 2~/ 1 /~J9
9101LB
9201LB
1 1 /2 1/'"JO
12. /
1 I.. ~
~"l
... I
1.,.';~I /9 1
144.8 185.3 184.2 175.2 1 ~J7. 3 1 sa . 1 2 tJ"'" . 0
1;..
6.4 ?6
7.1 11 .9 18.3 20.9
16.9 -4.6 ... ., 1I

II
10.04 5.62 -2.56

.70
1 . II0
37.8
47.6 43.0
44 .:,
1.1
.. . o '3 '
45.3
49 . 1
9301LB
94011_B
11 123/92 1 1 i' 2 2 /':13
12/ l~.·.'
1 /'121)")3
253.9
...,c..' "
II
a_, -,
f)
3.51 9.63
57.7
POSITIVE:
AVERAG'E
20 PROF 1 T :
I NEGA.T I VE . · 4 UNCH: 6 .31· ( 3 . Oll-X) AVE'RASE LOSS:
-I TOTAL:
~. . 73 7 (4. 1 ZX)
24
X TRADES PROFITABLE:
83.33
KEY PRICE: CLOSE
..
38
.
• •
. •.•
"":.... • ...
"r:
1 ·1 •
... : ••
•••• •
•••
••
":
••••
r"
.....
:....
...
'I
r,
..
-....
...
..
..
PtONIHLY
.
.Y :
.
,
YeG"'. 1
THS, JAN SEP OCT NOV I£C ,THS I MAR APR I1AY DEC
_. 1
...
_,
Even the price of petroleum has been predictable with seasonal patterns.
•
HIGH S SE HIGH I SE NAL I DEAl. SEASO H·I, GH , r DEAL SEASONAL LO I

.
FEB
2.7
87.4
APR
.t1AY
SEP
..
•
-.6
"1.1
-.8
..76.2
-.7
-85.8
• 4-
.7
2.3
•
1.6
.
OCT 1.8
NOV
DEC
1.5 78.8
54.3 ·~a.
-61.5
Sg.
t.1
.7
.
.7
2.5 .,~ ,~
~
..
...
....
Fi
..
4-2: Cash Petroleu

•
Seasonal
.
-
"
...,
01,...
r
. ..
..
_....._.....,..~-----
-_._---------------------------
• ••
._
••
_.
'I
••
I'
'I
I.
I..
..
•••
__
••
__
__
_....
',_
_ '_
• _..
_.
__
r _.
_...
-..
.'
• __
•••
-.'1
'''I'
__
I.
_ ••
••
__
__
_....
_.
._.
_ __
ENTRY: 1 2/15
E)( IT: 12/30
SL:
S.OX
.... .. OATE -
BUY
CLOSE
••••••••
5012DJ
CONTRACT
5112DJ
~--~--ENTRY-~-~~~ --DATE-- -PRICE-
••••••••
12/1S/50 12/17/51
• ••••••
224.72 265479
28S.99
• •••••••
12/29/50 12/31/51
12/30/52 12/30/S3
-PRICE235.42
269.23
PROFIT LOSS(-)
10.70
3.44 6.01 .91
"PROFIT
LOSS(-) 4.16
1 .29 2.10 .33
ACCUM
TOTAL
10.70 14. 14
20 ~15
ere another seasonal tendancy in the stock market.
• IS
S212DJ 5312DJ S412DJ
12/15/52 12/15/53 12/:'5/54
292.00
279.52
388.92
280.43
40 1 .97 488a40 499.47 431 .78
581 .85
21 .06
34. 11 41 .79
12/30/54
12/30/5:5
. 12/31/56 12/30/57
13.05
7.68
5S12DJ
~612DJ 5712DJ 5812DJ ~912DJ 60120J 6112DJ 6212DJ 6312DJ 64120J 6S12DJ 6612DJ 6712DJ 6812DJ b912DJ
12/15155
12/17/56
3~36
1660 1.16
12/16/57 12/15/58
12/15/59 12/15/60 12/15/61
480.72 493.75 433.40 :563.98

673.78 610.76 729.40
~~72
-1 .62
17.87 3.19 5.13
12/30/58
12/30/59 12/30/60 12/29/61 12/31/62 12/30/63 12/30/64 12/30/65 12/30/66 12/29/67 12/30/68 12/30/69
-.37 3.17
47.S1 45.89
63.76
66.95
676.97
615.89 731 . 14
1 .74
6.61
12/17/62
12/16/63 12/15/64 12/1~/6S 12/1~/66
12/1:5/67
645.49 761 .64 837.45
652 . 10
.47 .84 .24 1 .02

--.23
, .31
72.08 73.82
90.43
958.74
809 . 18 880.61 976.32 784.05 819.60 863.90 1027.20 811.10
759.90 868.69 963.69 785.69 90S.11

945.11 794.68 84 t .30 889 . 1 0
~ 1 .74 11 .24
4e9~
78.69
89.93
-23.49
24.50
-31.21 10.63
.~2 "2.90 2.78

-3.20 1 .36 2.6~ 2.93
94.88
71 .39
12/16/68
95.89 64.68
70120J
7112DJ
'2/15/69 12/1~/70
12/15/71
75.31
97.01 122.31
115.11
12/30/70
12/30/71 12/29/72 12/31/73 12/30/74 12/30/75
21 .70
25.30
72120J
7312DJ 7412DJ 7512DJ 761ZDJ 7712DJ 7812DJ 791ZDJ 8012DJ 8112DJ 82120J 83120J 8412DJ 8512DJ 861Z0J 8712DJ 881Z0J 8912DJ
9012DJ
12/15/72 12/17/73
12/1&/74
1020tOO 850.90
603.30
"7~20
J9~90 16.50 15.80
... 70 4.91
. 2.81
1 89
a
12/15/75 12/15/76 12/15/77 12/15/78 12/17/79
586.80 836.60
983.90 817.90 805.30
154.91 171.41
187.21
852.40
999 . 10 83 1 .20 805.00 838.70 962.00 873. 1 0
12/30/76
12/30/77
15.30 13.30
1 . S6 1 .63
202.51 215.81
12/29/18
12/31/79 12/30/80 12/30/81 12/30/82 12/30/83 12/31/84 12/30/8~ 12/30/86 12/30/87 , 2/30/88
12/29/89
... ~JO
"5.90
45.00 "'2.80 54.80 21 .80
-.04
12/15/80
12/15/81 12/1S/SZ
844.60 917-00
975.90
992.60 1236.80 1 176 .80 1553.10 1922.80 1941 . SO 2133.00
-.70 4.91 --432

5.52 1 .76 2.96 ~ * 17
215~51 209.61
254.61 251.81 306.61 329~41 363.21 360.61 346.41 355.01 390.61
-
1047.40
1258.60 12 11 .60 1550~SO
12/15/83
12/17/84 12/16/85
34~80
-2.60 -14.20
8.00
12/1~/86 12/15/87 12/15/88 12/15/89

12/17/90
1908460
1950 ..10 2168.60
.... 74
.44
1 .67
2739.60
2593.3 . 2919 . 1 3284.4 3716.9
.
27~3.Z0
2633.7
3163.9
.
35.60 13 . 60'
40.4 244~8 36~7 S9tO
.50
1 . ~6
404.21
444.6 689.4 726 ~1
12/31/90
12/30/91
9 11 2 OJ 9Z120J 931 ZOJ
12/16/91
12/15/92 12/15/93
8~39
1 12 1 .59
A
12/30/92
12/30/93
.
= ••
=D===E===
•
POS I T IVE :
•• =.=z=m.==a.~.=aaa====.=z=.=.==:=Z===ZK=======
34
332 1 . 1 3775.9
AVERAGE
PROFIT4
• NEGATIVE:
.
10
• UNCH:
•• _== •••• =.==.=a •• ==

• TOTAL:
(
785. 1
44
25.77
Fi
( Z.Z1X) AVERAGE LOSS: X TRADES PROFITABLE: 77.27
--9.11
~~94X)
KEY PRICE: CLOSE
4-3:
DOW
JOneS Key Date seasonal

,.
38
ENTRV:
41 6
EXIT:
,
4/16
SL:
5.0X
BUY
CLOSE PROFIT X PROFIT

LOSS(--)
4422 1 . 2"
~4.09
1 .03
CONTRACT
4.512DJ
-~~~~~ENTRY-~~~~~ ~-OATE~~ -PRICE~

=:~==:==
ACCUM
TOTAL
6158 ·9 . 12 1 · 95
3.79
.....
--OATE~~
,.
41 6/45
41 9/46 41 7/47
4/ 6/48
4612DJ
47120J
4812DJ
az==c== 1~5.8S 205.43 ·1 7S 39

t
: •••
4/16/45
==.=
~PRICE~
162.43
LOSS(~)
6.58
2.54
4/16/46 4/16/47 4/16/48 4/18/49 4/17/50 4/16/51
207.97
169.22
180t61
1 77 . 1 6
..7 ~17
1 .84
178~77
shows the strong tendancy for the .S. Stock arket to go higher om April 6th th April 16th.
4912DJ 5012DJ 5112DJ 521Z0J SJ12DJ S412DJ S.512DJ 5612DJ 5712DJ S812DJ
4/ 6/49 41 6/50
4/ 6/51
176&71
2 1 2 ~, 0
250.83 263.38 2 74 ~ 1 0 304.26 416.42
214.41
.-
.45 2.31
~25
1 .09 1 ,60
4 24
p
6.SS
10657
254.85
261 .48
4.02
-1 .90
41 7/52
4/· 6·/53 4/ 6154 41 6/55 'II 6/56 41 8/57 41 7/58 4/'6/59 4/ 6/60
4/16/52
4/16/53 4/19/54 4/18/55
4/16/56
-~12
.96
8~67
11 .31 18.83
30.93 18.93
276~74
2.64
J 11· . 78
428.42 509 1~ 484.32
I
7.52
2.47
2.98
12~OO
-·11 .90
521 ~OS 479.04
-2.28
1 . 10 ~97 1 .05
440.09
611.16 628.31 679.34 .
59120J
601ZDJ
4/16/57 4/16/58 4/16/59

4/18/60 4/17/61 4/16/62 4/1~/63 4/16/64 4/19/6S 4/18/66
5.28
24.21
28.47
444.35
617.58 630.77 696.72
4.26
6~42 2~46 17 . 38 ~ 1 S . ,57
~39
2~56 --2.23
6112DJ 6212DJ
41 6/61 41 6/62
34.89 37.35 54a73

39.16
699~6J
684.06
710~92 825.65 9i2.76
94 t .99
63120J 6412DJ 6512DJ

6612DJ
41 9/63
41 6/64
706.03 824~76
E:91 ~90 945 ~26
861 125
'.89
.89 20.86
~69
. 11
44.05
41 6/65
41 6/66
671Z0J 6812DJ 691ZDJ 701ZDJ 7112DJ 7212DJ

f
41 6/67 41 8/68 41 7/69
4/17/67
4/16/68
884442
917~78 791 620 912.70
866~59 906.78
923.49
"3~2S 5 34
22J36
5 71 .. 15.30
1
2.34 ~.35 ~62
44&94 65.80
bZ.S2
67.86
,.
2~53
.62
.. 1 .93
90~2Z
95.93 80.63 108 1J
6
4/ 6/70
41
6/71
4/16/69 4/16/70 4/16/71
775.90
940.20
73120J
,7412DJ 7512DJ 7612DJ 7712DJ 7812DJ 79t2DJ 8012DJ
81120J
41 6/72 41 6/73
41 9/74
959.40 931 . 1 0
41 41 41 41 41 41 4'
7/7S 6/71, 6/77 6/78 6/79 7/80 6/82
840~OO 742~90
100'
t
70
914.70
764.00
875.70 769.30
994 .20
41 6/81
41 6/83 41 6/84
41 8/85 4/ 7/86
eZ12DJ 8312DJ
84120J
8J9~30
1 11 3 . 50
11 32 ~20
8S12DJ 8612DJ 8712DJ

8812DJ 8912DJ
1253pQO
17JS.~O
2405 150
4/17/72 4/16/73 4/16/74 4/16/75 4/19/76 4/18/77 4/17/78 4/16/79 4/16/80 4/16/81 4/16/82 4/18/83 4/16/94 4/16/95
4/16/86 4/14/87 4/18/88 4/17/89 4/16/90 4/16/91 4/16/92 4/16/93
a ••••••••••••
966.60
956170 961 .20
.
27.50 7a20
360 1 ~7S
2.75
115~J3
2'~60
21 ~20
2.~2
9.80
-1 .36
81~.70 988. 10 942.90 810.10
72~80
"13.60 28. 10
140.93 162 . 1J 234.93
3107
6.03
~ 1 ~7S ~39
1 ~ 15
46.10
-1~+30
221 .3j 249.43 295.53

290.23-
860~40 711 .30

1005.60 843~40 1183~20 1160 40
p
3.00
11 ~40 4. 10 69.70 29.20 16~50
283.23 294~63
298.73
368.43
~49
6.26
2 49
1 32 6,48 --6.34
I
396.63
413.13
1269~SO
1948-00 2253.00 2008.10
41 6/87 41 6/88 41 6/99

6/90 41 8/91
4/
112~50 ~1~2aSO
525.63 373. '3

319.53
90 '2D~
91 12DJ
9212DJ 9312DJ
41 6/92 4/ 6/93
206 1 .70 2292.00 271 7 1 2918.6 3275.5

j
~53~60
45.80 46.0 68.3
-2~6Q
2.00
1 .69
2337~80
2763 . 1 2986.9
2.34
365.33 411 . J 479~6

570.6 67144
3366.5
9' .0
100.8
2.78
2.98
: ••••••••••••
••••• S ••••••••••••••
• POSITIVE:
'_VERAGE
·.·····2.~••••
39
.. .
3377.9
3478.6
s •••••••••••••••••••
PROFIT;
• NEGATIVE: 10 • UNCH~ 0 • TOTAL; 49 24.66 ( 2.23X) AVERA8E LOSS: -29.0t (-2.36~1 X TRADES PROFITABLE: 79.59 KEY PRICE: CLOSE
.
Fi
4-4: .Dow Jones Key Date Seasonal Ap • 6th --April 16th

..
a8--
ENTRY; 9/ 1 . EXIT:10/24
SL:
5.0"
BUV
CLOSE
CONTRACT
••••••••
S012W
5112W
-~---~ENTRV--~~~~~DATE~~ -PRICE-
••••••••
9/
This list shows how have gone higher ve often during the indicated dates.
9/
1/S0 4/51
• ••••••
230. ,
---~---EXIT~-·--~-~"DATE-" -PRICE~
PROFIT
LOSS(")
X PROFIT·
ACCUf1
••••••••
10/24/50 1·0/24/51
•••••••
2S4.2
236.9 196.~
S212W S312W 5412W S~12" ~612W :5712" 5812W S912W 6012W

6112111
91
2/:52
245.0 238.3
194.7
222~6
• •••••••
"7.5 9.3 - 1 .4 1 .8 1 .0
2.1
LOSS(-)
TOTAL
••••••••
-3.26
3.78+
• ••••••
-7.5
I~ e
10/24/52
10/26/53
10/25/~4
91 1/53 91 1/54
9/ 9/ 9/
-.~8
*90 ~4~ 1 .08 3.04
.4
2.1 3.1
220.0
196.9
221 .0
199_0 233.1 216.3
1/S5 4/56
3/~7
10/24/5'
10/24/56
10/24/57 10/24/58
226.2 223." 1
192.5
5.3
12 . ,
6.9 -6.9
,
-3.08
. 19
9/ 1/58
91 1/59
9/ 9/
1/60
4/62
91 1/61
9/ 9/
9/ 9/
6212W 6312W
6412W
6~12W 6612W
197.9 192.4 204.0 216.5

185.2
10/26/59
10/24/60 10/24/61
10/
192e9 200.4
196.7 205 ,1
,
S~J
5e6 9 ~1 12~5 1J~6
.4 2.5 4.4 ,.1

--11 .0
27.6
1 .26
2.27 ~5S
-5.08 14.91
1 .68 .69 --5.12
S/62
205.5
212.9 15' ~0
146.5
3/63 1/64 3/65
10/24/63
10/26/64 10/25/65 9/21/66
10/241'67 10/24/68 10/24/69 10/26/70
148.5
145~5
2.5
1 .0
6712111
6812W
1/66 91 1/67
195.4
151.1
18S.4
153.8
-10.0 2.6
2.6 30~2 32.7 33.7 .

23.7
, .74
"
9/ 3/68
2/69 91 1/70 9/ 1/71 91 1/72 9/ 4/73 9/
122.0
133. 1
124.7
136.0
691ZW 7012W
71' 2W
2.8
2.9 12.5 10~O 19.0 "3~.6 98.5
--22·.6
2.25 2 .16
7.69 6.69 9.57
26.4 29 .1
7212W 7312W
7412W
162.5 149.4 198.5 477.6
32.0
44.5 54.5 73.5 37.9
136.4 , 13.7
10/25/71 10/24/72
10/15/73
175.0 159.4
217.5
442.0
526.5 392.3
7S12W
76'211'
7712W
9/ 3/74 91 2/75 91 1/76

9/
428.0 414.9
326.8 230.2
-7.46
23.01
10/24/74
10/23/75
9120176
10/24/77 10/24/78 10/24/79
-5.45
,
78t2W 7912W
9/
9/ 9/
1/77 1/78 4/79
309.0 2S2.0
340.4
8012W
8112W
2/80
9/
8212W
8312W
1/81 91 1/82 91 1/83
333.7 436.2 492.5 423.5 360.5

405.8
-17.7 21 .7 6.6
"5.43 9.45
1 .99 . 17
96.0
117 . 7
10/24/90
10/26/81
437.0 SJ8~O 4l7.2

341 .7 384.2
.8
4S.S
13.7 ~18.7
124.4 125 . 1
170.6 184.4 165.6
9.24
9116/82
9/14/83 10/24/84 10/24/85
8412W
8S12W
8612W
8712W
91 4/84 9/ 3/8:5 9/ 2/96
354.2
286~7
364~5
317.7 288.0
--21 . ~ 10.2 J 1 .0
~S.JO
2.89 10~81 11 ~74 3~21
3.2~ "~.20
144. ,
154.4 185.4
91 1/87
9/ 9/ 1/88 1/89
2S7.7 288.5
416.7
8812W 8912W 9012W

9112W
10/24/86 10/26/87 10/24/88

10/24/89
30.2
9.3
21~.6
224.9 226~9 231 .6
297.7
41e~7
2.0
402.2
274~2
.48
1 . 18 -3.46 13.51 1 .99 7.25
9Z12W
9J12W
4/90 91 3/91 91 1/92

9/
1/93
9/
10/24/90
10/24/91
407.0 264~7
367.6
4.8
"9~5
43.7
323.9
337.9
222 .1
26S~9
10/26/92
10/2~/93
10/24/94
344.2
336.4
404.0
as= ••••••••
6.4
22.7
23.0
272.2
.ZZ.~ •• ••• •=
9412W
9/ 1/94
313.6 38' .0
29~.O
318rO
6.04
Z=ZC •••••••••••••••••••••••••
=& •••••••••••••••••••••••••
• POSITIVE:
34
AVERAGE PROFIT:
NEGATIVE: 11 14.13 ( 4.91X)

. .
•
.
UNCH:
AVERAGE X TRADES PROFITABLE: 7~.56
·0 • LOSS: -14~77
TOTAL:
4S
(-4.49X)
KEY PRICE: CLOSE
Fi
.
.
e 4-5: Key Date seasonal in

"40
eat
... __
EXIT: LJ./26
CONTRACT
SL ~
SE L L
c LO::3E
PR1~)F "IT·
•••••• a.
7eO~TR
7'40GTR
--·---ENTRV---~-_nDATE-... PRICE4/18/78 4/18/79
- ...~ - - ~ - E X I T - - ._- - - --
.,. PROFIT
LOSS ( -. )
1 .07
--DATE---
=====-a.
96. 1 ~eJ25 89.21875
'-"/26/78 I..J. / 2 6 / 7 ~)
Ic:.E-======
- PR
ACCUM
,·OTAL
L. C)£; ~3( -_ ) 1.03125
8006TR 8106TR 8206TR

83Ci6TR 8406TR
4/18/80
4/20/81
76.2:5000
64.1S625
4/22/80 4/27/21
'1/19/82 "/18/83
""/iS/St&.
eSOfjTR
~/18/85
q/18/86
~/20/e7
8e06TR
~
8706TR
8806TR
8906TR 9006TR 9106TR 9206TR 9.306TR
4/18/88
4/18/89
~/18/90
4/18/91
64. 12:500 78.2~OOO 6~.062S0 72.06250 103.87500 92.~62~O 88.56250 89.84375

.
4/26182
q./26./83 4/26184 4/26/S~
LI-/28/8(.) 1+127/87
95 . 12500 ea 1 a7~'J 77 ~C'3 1 2S 03.09375 64.09375

77.312~O
1. 0312~·
1,03125
-.78125
1 . 16 - 1 .02
2 .062S()
1.28125
1 " 0"32 SO
1 .66
2.34375
.0312!5
" ~)3750
.05 1 .20
- . 19 1 . ~7
2.37500
3.31250
65.18750
71 .00000 ~j9 · (j 5 (5 2 5 .~1 " 1 8750 88.53125
-.12500 1 - \)'~2 50 l~ . 2 1 875

1 .3"-/5()0
3 . 18750
~/26/88
.03125
. 187~O -1 .5937:5
4.06 1 . "'9 .014-
4.25000 8.4-6875 9.8~375
9.87500
10.06250 11.6~625
90.18750 _96.28125
4-/26/89 4/26/90
4/2€·/91
89.65625 RS.5937S
96.21875
.21
1 .77
.06250
1
.06
.25
11.71875
11.96875
~/20/92
I
4/19/93
II: ••
•••
••
=- ~
:& _
98.50000 ~/28/9C' 98.25000 .25000 112"~6e7S 111.34375 ~/26/93 1 . 1 2500 • =- = • II: •• =- • = = ;: = --= :: :I: = = = = = = = :: = = ... - z. :: = :I: = = = = = = ~ ::I = ••••
14
.00 - •• = :I
13.09375
_ ;.:I •
• ••
,:c
POSITIVE:
NEGATIVE:
1 .00
AVERAGE
PROFIT:
( 1 . 11-'.) AVERAGE LOSS: % TRADES PROFITABLE:' 87.50
TOTAL: 16 -- • LI-:S ( - • 6 1,. ) KEV PR ... :E: CLOSE ~
This "no-brainer" shows a bearish tendancy in ondFut

41
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Live og prices ENTRY: 10/30 EXIT: 1 1/27 SL have gone higher ------ENTRy-----CONTRACT --DATE--PRICEfrom .... __ ..... ----~ ...... ..-._--,__.._._ --- ._.~-- .. .............. __ _ ,.. -ctober 30th to £\712LH 10/30/67 19.32 ovem er 27th. 6812LH 10/30/68 19.00
,...
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-------EXIT--------DATE--PRICE.... ..... -._..-.--.
PROFIT
PROFIT
.67
6.32 8.93 2.54 5.00 1.1-. 23 1 .31
ACCUf1
__
~._.._.
-_
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LOSS(-)
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LOSS(-)
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TOTAL ~-.. ...... _--_ _

._-
11/27/67
11/27
19~45
. 13
1 .20 2.37
,41
. 13 1 .33
/"68
20.20
28.92 16.55 22.25 .30 .30 44 .07'
t!,912LH
7012l_H 7112LH 7212LH 731ZLH

7412L.H '7512LH 7e.12Lr~ ~L~ 7"'7 •t L , .• 7812LH 7\~ 12LH 80 'f 2LI1 a 1 12 LH 8212LH
'~71"~' L H I~'' .c... . ......
10/'30./09 10/30,/70
111 1171 1 0/30/·72 10/30l'l73
1 0/'30/74
26.55
16. 14
11/28/69 1 1/2 7/' ~lO

11/29/71
2 1 . 19 2.9.07 43.50 40 . 19
52.20
.,1/2 7/'72
11/27/73 1 112 7/7 q.
10_,'30/'75 11,·/ 1/76

10./31/77
11 12:3/'75
11/29/76 11 128/77 1 1 ,12 7 /°78 11/27/79 11.128/80
1 O/30/'7:;:~ 10/30179
10 . /30/80
1 0_,'30/81
30 . 19 3 ? . 12 50 . 17
1
41.72. 53.45 33.76 41 .95 53.32

42.25
1 .06 1 .23 .57 1 .53

3.57 2.83
3 ·E: 1 2.39
11.}33
3.70 4- . 11 5 17 6.40 6.97 8.50

0
9.75
·,3 . 32
'6. 15 .J 9 . 2~O
24.
t(., •.:J
7 . 23
6.28 13.00
37.39 51 .27
48.70
3 . 15 4_86
.. .. r~." .:; c.:
16
~
11/
1/82
52.97
1 1 /. 2 o 18 1 11129,/82
1 1/'28.l83
50.45 45 . 17
56.42 42.00 52 - 6fJ
48
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6.51
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19.81
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e 4-8: Key Date Seasonal Live Hogs

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The July/ ovember ---oybean Sprea is ve popular but not too reli·able.
~
HE·H COHHOD I T Y ROV I SORS • !Nt •
SEASONAL JEEKLY SPRERD COHPOSITE

(VartRtTt£RE ,~ ,.
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1967 TttRU 1992
Jll. SOYBEANS'
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COHHODITY ADVISORS, INC.
SEA
WEEKLY SPREAD CO~SITE
() I.
ttAR OATS "I. SEP OATS

____~~~ . _.
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"n

Jake Bemsteirts Introduction to Technical Analysis

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Buy on Strength, Sellon Weakness

©1996 • MBH Commodity Advisors, Inc.

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Jake Bernstein's Introdu·ction to Technical Analysis

© 1996 • MBR Commodity Advisors, Inc.

Jake Bernsteinls Introduction to Technical Analysis

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© 1996 .. MBH Commodity Advisors, Inc.

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Jake Bernsteirts Introduction to Technical Analysis

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Jake Bemsteitt« Introduction to Technical Anal

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11/0119' T i••: 11: 4 t ! 37

----- ------------------- ------------------- ------ ----------- -----------JUN ~2/07/8S

• +/- Cu. profit.

DEC DEC DEC JUN

2.44 3.50 3.70 3.48 2.68 -.85 5.44

2440.00 3500.00 3700.00 3490.00 2680.00 -850.00

14300.00 16980 ..00

02/02/89 .... 02/27/89 UN DEC 08/31/89 DEC 09/11/89

O~/18/87 ~O.7~ 08/19/87 16.14 05/19/88 16.98 04/10/89 16.80 04/25/89

16130.00 21570.00 20630.00

DEC JUH DEC

10/10/89 01/2S/90 07/10/90

'8.87 38. 12 24.01 19.53

21 .41 21 . 19 20.19 19.8S 19.85 19.85 19.36 37.30 35.83 22.57

4300.00 2870.00 1230.00 S90.00

JUN 02/01/94 JUN 04/21/94 JUN 05/0Z./94

23.93 22.CC 1~.02

S7230.0\) 56270.00 58090.00

1-8: Crude OllPattern

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Commodity Adoisors, Inc .

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Jake Bernsteirts Introduction to Technical Anal SIS

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1-12: 2-Day Bre8ka~ay Gap

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Jake Bemsteirts Introduction to Technical Anal SIS

of 2-Day Breakaway Gap

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