PRECISE TIMING and MOVEMENT ANALYSIS by BARRY ROSEN

MORNING REPORT AT 840 AM

UPDATED FOR MARKETS FOR MARKETS OF SEPT 4, 2023

OVERNIGHT NEWS
US index futures and global equity markets rose on Monday in razor-thin holiday trading
with sentiment boosted by the latest Chinese property stimulus measures coupled by
wagers that global interest rates are approaching a peak. As of 8:30am, futures
contracts for both S&P 500 and Nasdaq 100 gained about 0.2% as stock markets in
Asia and Europe rallied. US cash markets are today closed for the Labor day weekend.
Cash bonds are also closed for trading with Treasury futures slightly lower on the
session, while the dollar index dipped offsetting a gain in the Chinese yuan. Oil traded
at 2023 highs of $85.50.

Commodities

Crude futures were uneventful but held on to recent spoils after climbing to the
highest in seven months.
UAE’s Adnoc set October Murban crude OSP at USD 87.28/bbl which is an increase
from the September OSP of USD 80.78/bbl, according to Reuters.
Australia’s Offshore Alliance and Legeneering reached an agreement on
decommissioning rates for Thevenard offshore decommissioning work scopes which will
see members lock in a 20 dollars per hour uplift in the rates previously offered, while
Legeneering agreed to align all offshore maintenance rates and conditions with the
union-negotiated EBA for Woodside (WDS AT) FPSO’s.
Spot gold eked marginal gains as the greenback took a breather following last
Friday's advances.
Copper futures were kept afloat amid the property sector optimism in its largest
purchaser China.

Geopolitics

Ukrainian President Zelensky said he will propose to dismiss Defence Minister Oleksii
Reznikov this week and replace him with Rustem Umerov who is the chief of Ukraine’s
main privatisation fund. Furthermore, Zelensky said he held talks with French President
Macron and struck a deal on training Ukrainian pilots in France, according to Reuters.
Russia launched drone strikes on Ukraine’s Odesa port region on Sunday ahead of
talks on Monday between Turkish President Erdogan and Russian President Putin on
restarting grain exports through the Black Sea, according to FT.
 Russian Defence Ministry said it shot down Ukrainian drones over Russia's Kursk
region and destroyed four high-speed boats with Ukrainian forces in the Black Sea,
according to Reuters.
Traffic on the Crimean Bridge connecting Russia with the Crimean Peninsula was
temporarily suspended on Sunday but has since resumed, while the reason for the
suspension was not disclosed, according to Reuters.
US is to send its first depleted uranium rounds to Ukraine, according to sources cited
by Reuters pm Friday.
South African President Ramaphosa said an inquiry found no evidence to support US
claims that a Russian cargo ship transported weapons from South Africa destined for
Russia, while he added that no permit was issued for the export of arms and no arms
were exported, according to Reuters and FT.
Chinese gate-crashers at US bases reportedly spark espionage concerns and
Washington has tracked about 100 incidents involving Chinese nationals trying to
access American military and other installations, according to WSJ.

MORNING CAPSULE SUMMARY

Not much happening overnight with the dollar down 17 and the S & P up 4. Gold and
silver are down on schedule and this is a buying opportunity if you are a weekend
trader. Bitcoin is up 210 ticks which close to 1%. We are repeating Sunday night’s
overview for the weekend in case you missed it.

WEEKLY CALENDAR
July’s Factory Orders – Tuesday, 9/5 – This report, released by the U.S. Census
Bureau, measures total orders (including durable and non-durable goods) from
manufacturers. Thus, this report provides an insight into the trends within the
manufacturing sector. The report also serves as one of the leading indicators for the
overall economy, as it reflects vendors’ outlook for the consumer demand for
manufactured goods.

August’s ISM Services PMI – Wednesday, 9/6 – The Institute for Supply
Management’s (ISM) Services Purchasing Managers Index (PMI) provides a detailed
view of the services sector of the U.S. economy. Since services are responsible for
almost 80% of GDP, the PMI can help give important insights into the direction of the
economy, serving as a leading indicator for economists and policymakers.

Q2 2023 Non-Farm Productivity and Unit Labor Costs – Friday, 9/8 – The
Productivity report measures output per hour of labor. Since higher labor productivity
leads to healthier business activity, i.e., higher economic growth, the report helps
discern near-term, as well are long-term, GDP growth trends. The Unit Labor Costs
report reflects the price of a unit of production in terms of wages and helps uncover
inflationary or disinflationary pressures coming from wages.
 SEPT. S & P AND CASH
REFLECTIONS FOR WEEKEND

SHORT-TERM THIS WEEK: We are inclined to see the market hold up early in the
week but if upper numbers come in quickly toward 4573 or 4580 on cash, we are open
to the market failing into the end of the week as cluster cycles are particularly weak.
How far the market pulls back this week will be key. Holding 4470 will keep the supper
bulls alive but several patterns would allow something deeper. We are having trouble
seeing 4285-4300 still being able to come in.

Usually, we get upward movement on the Sunday, Monday, and Monday movement
around a holiday. Key cash resistance is at 4555 and then 4573 and 4581. Futures are
about 10 over. If we are wrong, bearish pullbacks are likely to stay above 4493 and
4485.

If the market makes a low into Sept. 10-11th, it could be higher into Sept. 15th and then
wait for the FOMC and then Sept. 19-20th looks lower. Originally we had a bias toward
lower prices after FOMC but now we are open to seeing the market hold up into Sept.
29th.

Even with the most bullish pattern, cash would have to stop at 4605 and pull back to
4470. The bottom line is we have to see where the market is into Friday/Sunday if it is
holding 4430-4470 and if it spurts to 4605 early in the week. Then you could adopt the
most bullish pattern that would allow 4800 and we are not open to higher prices after
FOMC.

Some cycles are still friendly the rest of Sept. into the 29 th. We are clearer about
weaker action starting Sept. 29-Oct. 13th

The most bullish pattern would allow cash 4605 and then a pullback to 4470 and 4435
and then the market would take off to 4800. Some cycles after FOMC could allow a
rally into Sept. 29th .

We also feel good about NQ 100 futures going to 16500.

The upper pattern completion could come in by Monday/Tuesday when we often get
holiday movement pushing the market up in Europe.

Given that cycles are very friendly this month, we are thinking that the DOW and NQ will
make new highs in the first two weeks of September but that the S & P may lag.

NEW WEEKLY CHART REFLECTIONS

The pullback low this week into Sept. 8-10 will be key for confirming the most bullish
count or negating it.

We are more open to adopting a very bullish scenario for a double top but are still not
embracing 4800. The stock market would have to soar through 4607 on cash quickly
and complete it by late September. We just do not see many time windows between
Oct-Dec. of this year for a rally. Every week is a new puzzle piece so we will continue
to see what each unfolds. A high at 4800 could be an irregular B wave and still give way
to 3200 into the fall which goes with our weak cycles.

Cycles are still whippy but the larger bullish cycles into Labor Day and the false hopes
for easing because jobs are starting to vanish are giving the market false hope. The
FED does not care about jobs enough to stop their march on higher rates.

REPEATING WEEKEND REFLECTIONS:

September still has the best chance for a rally and we will be watching closely where
the market is by Sept. 15th. We are more open than previously for a rally after FOMC
into Sept. 29th.

Odds are for a Sept. 20th rate hike and the odds for November 1st hike are higher and
we always had November as one of the more vulnerable months of the year.

We do see weakness into early October. November looks like the most bearish month
now.

LONGER –TERM

The market looks particularly weak in October November and December. We would
guess the bullish pattern would allow a fall back to 4292 if the market got up to 4800.
The most bearish pattern projects 3200 but does that take into the fall of 2024? US
cycles are quite a mess next year.

We have to go with our original work which was for a low in Dec 2023 and it could bleed
over into 2024. There are too many ugly overhanging noise factors.

1) BRICS desire to destroy the dollar.

2) The political and Presidential crises in America could hurt the perception of
investing in the US. We sense a late October peak here.
3) Geopolitical tensions with China over Taiwan have an eerie 18.5-year cycle
peaking into November.
4) Another eerie geopolitical cycle with North Korea peaking into November.
 5) The reality of the FOMC not planning on lower rates and the lessening chance
for a recession.
6) China’s real estate employment and growth crisis cannot be whitewashed over
with Fitch issuing a warning.

The crisis pattern would allow a fall to S & P Cash 2726. Not sure that is realistic. It is
possible with the repeat of the October 1987 crash cycle into this October.

CYCLES: We are open to higher prices on Sunday/Monday/Tuesday but then lower

into the 8th. Some of the larger cycles still may hold the market up. The week of Sept.
11-15th looks friendly for expansion and then we see a pullback into FOMC but are open
to higher prices after FOMC. The context of patterns will tell us more each week.

LOOKING INTO FALL 2023:

We have a repeat of the 1987 crash cycle this fall so there should be some drama in 4 th
quarter but let’s estimate it when it finishes off. It seems more likely for
October/November but could bleed over into December.

BIGGER CYCLICAL SWINGS:: topping September and lower into November

December and January.

MONTHLY CHART OUTLOOK

The Oct/Nov/Dec. 2023 is more likely a crash and current estimates for stocks. It could
extend into late 2023. Most bear markets take 2-3 years and we just topped in Jan.
2022.

For now, we have a rally from Dec. 2023. into April/May 2024. The larger swing could
go to 2026 but the geopolitical cycles for the US in the spring of 2024 are epic.

If the bull market somehow manages to come back there is a cycle high into January
2026 but so many x-factors with the Great Reset are in the works. Usually, you get an
80% fall in a bull market before it is done and that would mean S & P 1000 will come in
later in the decade.

LOOKING INTO 2024 and Beyond (2/5) April/May 2024 is a very critical point for the
US and its history. Will the US break into regions if its leadership continues to falter and
push the Green agenda and socialism? Potential positives are emerging out of it but it
is a crisis period and it looks like it may be around our debt, the fall of the Petrodollar, a
recession, and soaring inflation. There are stock market patterns that would allow 5200
on the S & P into the years 2025-26 but it's too early to speculate on such matters as
the US hits one of the more critical times in its history due to the 1776 Revolutionary
cycle and numerous war cycles.

Unfortunately, the world socialist/communist agenda cycles continue into 2028. For
some reason, it looks like stocks will be up 2024-26. Will there be anyone to stop
Soros and the World Economic Forum and the World Health Organization which are
ready to push for more control?

SEPT. NQ 100 FUTURES NOTES

TRADING STRATEGY:

TODAY'S COMMENTS: (9/4) Major support for a pullback is 15355 and as long as
15265 holds it is good. It's possible that the low could come in by Friday. If we get the
early week spurt it would be complete at 15700 and then need a pullback to max. 15265
into Friday to set up a buy. We need 15740 to come out to get the new highs to 15800
and 16000 over the coming weeks. We suspect it will happen.

The fall target is starting to look like 16500 and if we extend the time to Sept. 29 th, it is
very possible. .

XLK. Tricky pattern. If 180-81 comes in early in the week, then we still could get a
deeper pullback into Friday which would be a better buy. Might be 173.00 max. We
do want to buy pullbacks. We hate chasing overbought conditions.

MGK: We could get to 246 early in the week and then hold 239 into Friday. Once 243
comes out we will confirm a move to 253.78. This does appear to be a safer one to buy
and we wonder if Friday may give a better entry?

TSLA NOTES: (9/4) The market did not like the Chinese cut in prices by 19% and it
came off too much. The bounce area would be 24915 early in the week and need 255
to come out to be more friendly. We wonder if 228 could come in by the end of the
week before the market would go higher. Five waves down projects 235 and let’s hope
that is the worst. We still like NQ cycles this month and think it will come back but some
technical damage.

. The rally off the January low was only in 3 waves and at least a retest of 150.00 will
come by the end of the year.

DEC. MINI GOLD FUTURES

TRADING STRATEGY:
(9/4). Gold cycles look higher into at least Sept. 15-19 and may come off after FOMC
for a few days but still look higher into Sept. 25 th for a secondary high and then lower
into Sept. 25th and 30th and Oct. 4th. Three wave pullback projects 1965 with lower
support at 1963.50. Once 1981 comes out, there will be no bearish patterns left and we
can focus on a move to 2000, 2020, and 2040. The market could retrace on Monday in
electronic trading. We favor a rally into Sept. 8th on the next swing. We should be
buying pullbacks on Monday.

In terms of the bigger picture of the fall, Gold is telling us that we will at least see 2060
into the fall and we need 2070 to come out to dream about 2250.

BIG CYCLICAL PICTURE: The market also has a cycle high into early November. The
12-year cycle is higher into September. The last entry for longs will be later in August.

ETFs: (9/4) GDX for miners hit a minimum pullback. Resistance is at 30.35. Doubt
we will get to buy below 2890-2895. The market is getting closer to a breakdown and
still could do the dreaded lower low to 2670. We will be cautious.

The upward potential for GDX later in the year is 4500 and into next year 5000 and
5753 into next year. The lower top of 4500 is possible by the Nov. cycle high. That is a
long way away until we get into a financial crisis in the fall.

GLD: (9/4) GLD has support at 179.95 and 178.18. We still like it. If gold futures take
out 1981 for a breakout. The bigger prize is a late Oct. high so these prices are cheap
and the larger pattern suggests 220 and 241 on GLD this fall and 273 into next year.

Stops still need to go at 173 as a panic stop. We have to start putting on positions.

CYCLES: Gold cycles look higher into at least Sept. 15-19 and may come off after
FOMC for a few days but still look higher into Sept. 25 th for a secondary high and then
lower into Sept. 25th and 30th and Oct. 4th.

LARGER CYCLES: We are also watching cycle highs for higher prices into Nov. .
2023 and April 2024.

DEC. MICRO SILVER

TRADING STRATEGY:
TODAY'S COMMENTS: (9/4). Silver is mixed with key support at 2448 and 2432.

Waiting for 2560 to come out to accelerate to 2640 and that is favored. If 2403 comes
out, we would toss out the bullish pattern but cycles are positive this week and we
expect metals to accelerate. Chances are you have to buy the Monday electronic
session.
EVENTUALLY: SLV: We have a buy signal. The market got to 2294 quickly and we
are not clear where to buy exactly if you are not in. Support is 2195, the previous 4 th
wave for a more ideal buy.

WEEKLY CHART: (9/4) Many metal cycles are starting to look higher into the end
of 2023 and into the spring of 2024. Weekly chart patterns point to 4145 and 4800 and
monthly charts are higher at 52.00. We are getting patterns now to project the market
up there so it is starting to look more real. Cycle highs dominate into April 2024.

CYCLES: See gold above.

OCTOBER PLATINUM NOTES:

(9/4) Platinum did take out the weekly high with profit-taking likely to set in. Profit-
taking is in order with support at 952. We still like the market long-term and any dip on
Monday will be buying.
LONGER-TERM: We like cycle highs into late October and a move to at least 1117 is a
very possible target.

The ETF for Platinum is PPLT. The market has resistance at 9450 and 9605. Major
cycle lows here for a 2-month investment. Still have to buy dips as the next high will be
into October and it should reach about 106.00 at least and probably 109.50 before it is
done.

DEC. COPPER
(9/4) Copper finally got to 3.90 and a bit higher. Pullback support is at 3.874 and then
3.862. The most likely target for the Sept. high is 4.04 or 4.08.

Because the next high is a 2-3 week rally into the week of Sept 5 th, there is reason to
buy a good risk/reward. Not our favorite market at the moment.

LARGER PICTURE: (9/4) Researching.

(9/4) ETF: COPX— We are switching to a new Copper ETF which better mirrors
copper futures. We could see 4320 at best if copper goes to 408 based on patterns.

ENERGY AND METALS NEWS

(Special thanks to Ransquawk)

OCTOBER E-MINI CRUDE

TRADING STRATEGY:
(9/4) We looked at cycles closely and we have a high into Thursday and then another
one into Sept. 15th and then they trend lower into at least the middle of October. Cycle
lows dominate into the first week of October.

The market continues to accelerate and has resistance at 8675. We have to start
thinking that 8795 is an easy target and then 9150.

We like cycles into next week and the middle of September or later. so better to
accumulate partial positions on pullbacks. Not looking like we will get a huge retrace to
get in now.

We have to think 91.60-92.20 for the Sept. high and the upper target is 95.83 and that
could be a seasonal October higher but we have to dig a bit more on that. For now, it is
not looking like an Oct. high but seasonal often top by Oct. 15 th.
.

CYCLES
Higher into Sept. 7th; lower into Sept. 8th; generally higher into Sept. 15th; lower into
Sept. 17 th and 19th and 22nd and 23rd ; recovering into Sept. 25th and 26th and lower into
Sept. 29th and 30th and into Oct. 4th. .

ENERGY ETF’S

USO: (9/4) Support is at a 7550 gap and a 7500 gap if you get a chance to add.
May not happen. Acceleration target Is 7880 and 7928. The extended target on the
daily chart is 8500.
.

XLE: (9/4) The upper target for a move on the daily chart is 9950. Hourly chart
points resistance is at 9233. Not seeing the 9000 area coming out but there may be a
pullback into Friday.

XOP: (9/4) Resistance at 153.30 and support at 151.08 and 149.90. The fifth wave
target is now 160..61. You may have to chase.

UGA (9/4) Gasoline futures do not look as good as they did a month ago. We feel
better about the above 3 ETFs.

OCT NATURAL GAS NOTES

TODAY'S COMMENTS: (9/4) The market should bottom by Monday. Nat Gas needs
to take out 289 now to issue a stronger buy signal and it is in doubt and crude cycles
look weak also. Below 2.71 and the market could dump to 2.52 but that would be it and
it could happen over the next few trading days. We like cycles into late September.
We will first see 3.11 and 3.20. Patterns continue to look good and long-term
fundamentals are good

CYCLES: Larger cycle highs are due in late September now and into mid-November so
we would be buying.

If the market holds, we still see a 5th wave up to 3.11--3.20 next. If the market gets
much above there the expansion target is up to 3.62. The European situation is dire
again with problems in Australia. Upper fall targets are closer to 4.09 and 4.50.

Reports out of Europe are troubling again with Russian supply concerns and so
eventually this market will get to 3.11 and 4.19. Higher temperatures in the West
Southwest and Southeast should continue to be supportive.

UNG: This one is acting better than natural gas and we still like it as a long-term
investment. Looking for at least 8.82.

Daily chart patterns give only a 28% chance for a move to 9.41 so we have to figure out
the bigger picture.

UNG: WEEKLY CHART: The cycle suggests a rally from Feb. 2022 into the year 2025
which reflects the new coming bull market here that is so apparent. Once the market
bottoms in Feb. it will first go to 1350 and the most extended target into the year 2024 is
up to 2200.

CYCLES: researching.

\PM:08006741
BITCOIN/T-NOTES/ CURRENCIES

CURRENCY AND INTEREST RATE NEWS

SEPT. BITCOIN FUTURES (CBOE) ($5.00 a tick)

(9/4) The market is up in the weekend session. While we still see a recovery to 28703,
do we get a final flush first? Looks like we will see 25182.

We are looking for a rally into Sept. 15th once we get a low here but cycles now point
lower into Nov. unless they reverse on the financial crisis.

FUNDAMENTALS:
OVERALL: We found a Nov. low after the Sept. recovery so unless we take out 35000
by mid-September, we are wondering about this market.

Until Bitcoin closes above 35000, we cannot declare a major weekly chart bottom.
Starting to doubt if the fall financial crisis will lead to a rally as dumping assets may be
what happens given the continual push by governments to allow competition.

GBTC –The ETF

This one held up better than Bitcoin. Probably be okay if 1820 holds. I still like it. The
projection is to 2405 next.

Given weekly chart patterns projecting 21614 on Bitcoin futures for the Nov. low, not
sure we will hold GBTC beyond mid-September.

We had suggested putting some on at 1320. We should be adding on dips for a 3-week
play to the upside.

DEC. T-NOTES
(9/4) Notes dumped after early euphoria. We have expected a low into early in the
week. We ran cycles for the next month and cycle lows dominated despite recent
technical support happening. This week, cycle lows dominate into Thursday and in
general cycle lows dominate into Sept. 17-19 th and we do not see much of a positive
reaction after FOMC.

LARGER CYCLES: Larger cycle highs dominate into mid-October but they may be
contextual. The major monthly chart cycle high is due in July 2024.

ETF FOR LOWER RATES TLT:

TLT: Not trusting it now with the hourly chart projecting 5 waves down to 9120.
While we do have long-term projections of 115 for this market into May 2024. The
first move into the Oct. high is probably only 103.00. Not sure we like it enough to
load up on it and now that we have looked at cycles we are not rushing to buy.

Cycles: We have more cycles lower into Sept. 5th and are more inclined to be
patient for a buy next week on the dips.

CASH AND SEPT. DOLLAR INDEX

Note: The cash dollar index is 7 ticks higher than Sept. futures.

TRADING STRATEGY:
(9/4) The dollar recovered nicely into the close and we had a cycle high for Friday. If
we get a divergent high this week, it would be 104.75 in September. We have to get
ready to roll to Dec. dollars which are trading 38 under September. Cash is only 2 over
September now.
We do have cycle lows in the next few weeks and we are generally bearish about the
dollar for a bit now. Waiting for Sept. dollars to take out 102.85 to issue a stronger sell
signal.

Given our outlook for gold to be higher Sept and October this year, we have to assume
the dollar is vulnerable to 93.63 and 92.32 for a fall low. Hard to imagine that strong a
drop so we will have to think that 99.50 is more real. There will be a sale soon but not
into top-picking. Possibly by Tuesday.

EVENTUALLY: Given our outlook for lower rates into next year, patterns are starting
to project 93.63. If lower rates are due in May 2024 and we have a US crisis by then,
the long-term projection to 73.20 may make sense. If the BRICS succeed, the dollar
could suddenly hit 5000.

CYCLES: researching.

EURO CASH (electronic)

TRADING STRATEGY:
TODAY'S COMMENTS: (9/4) Researching.

(Special thanks to Goldman and Deutsche Bank)

(revised 9/29/2020)
1) Night session currency entry orders expire after the electronic session at 3:15 p.m.
and should be pulled until the next order comes out.
2) Currency and electronic stops from the previous day should continue until the new
stop is available. Given market liquidity in the night session for currencies and the S & P
and the ease of electronic trading and placing stops, we’ll assume stops are being
executed for you. Plus, we do have foreign traders and people who stay up all night.
3) If we want to exclude night session entries, we’ll indicate “day session only” in the
trading strategy. If an order says to exit the market on close, it means the electronic
session.
4) If an exit target is hit within 1-2 ticks, we would cancel the entry order, as the pattern
is complete and the trade should be nullified.
5) Breakout and breakdown orders on stops should only be entered during the day
session and should not be used at the opening of a market unless they are
accompanied by a limit order.
6) Note: (early only) means the first 1-1 1/2 hours of trade.
7) Exit targets even if they originate from intraday updates should be executed during
the day or night session.
8) Market-on-open orders with limits are only executable during the opening range and
should be pulled after five minutes if not filled. If the market gaps are under or over our
stop at the open or if the opening call indicates that it will be, the order is negated and
should not be entered later in the day.
9) Fortucast assumes that if a limit order entry or exit hits within 1 or 2 ticks, you
will issue a “cancel and replace” market order to complete the trade five minutes
after the number was hit
If on entries you only miss a trade within 2 ticks, then after five minutes, cancel and
replace the trade to the market.
11) Exiting or entering the market on close in the electronic session refers to the last
trade there and not settling. The electronic markets settle to the pit closes based on
exchange rules and regulations. For simplicity, for open profit and loss, we do show the
settlement, which often skews where the market was trading when it closed before
settlement.
12) We often trade in 1-lots, but you have to adjust the number of contracts to your
trading account size. When we like to trade, we specify the 2nd position.

STATEMENT OF DISCLAIMER
FUTURES AND OPTIONS TRADING IS RISKY AND CAN RESULT IN SUBSTANTIAL
LOSSES. THE
THE USE OF STOPS MAY NOT LIMIT LOSSES TO THE INTENDED AMOUNTS.
SPREAD POSITIONS MAY
NOT BE LESS RISKY THAN OUTRIGHT POSITIONS. PAST RESULTS DON'T
NECESSARILY
INDICATE FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE, BUT
NO
ASSURANCE IS MADE FOR ACCURACY.

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 DOESN'T INVOLVE FINANCIAL RISK AND NO HYPOTHETICAL TRADING
RECORD
CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR
FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A
PARTICULAR TRADING
PROGRAM despite 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 THE IMPLEMENTATION OF ANY
SPECIFIC
TRADING PROGRAMS THAT CAN NOT BE FULLY ACCOUNTED FOR IN THE
PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS ALL OF WHICH CAN ADVERSELY
AFFECT ACTUAL TRADING RESULTS.

FORTUCAST MARKET TIMING. 928-284-5740. ext 5000

and
www.fortucast.com