Its splendor was dazzling. The silks, muslins, velvets, capes covered with sequins, jewels, incessant popping of champagne corks, valets coming and going, and the continual murmur rich people generate when gathered in strength, all delighted me. “That’s how I want to be,” he said to himself, “even if it means putting up with this insipid music that seems to be going on forever.” – Onofre Bouvila (a straight Catalan G) in The City of Marvels by Eduardo Mendoza
Bogotá, Colombia – I was going through some notes I had written down during my recent trip to Barcelona. I may expand and write out some of the stories behind these in the future, but for now, here are the notes of some Custom Moves I did while there:
• Hopped the turnstile at Verdager in a Custom Suit and handmade loafers.
• Showed the kids at Arc de Triomf how to do a kick flip and a shove it while I was in royal blue custom slacks, a light blue guayabera with a cigarette in mouth.
• Bought hash strictly out of habit, while walking to Sutton Club, only to later hand it to a cute dreadlocked girl that was kicking back on the street.
• Got down with some boxed wine, Dolo, at La Sagrada Familia for old time’s sake.
• Reminisced at old places I got blowers and shakers. It’s always good when you can say “Oh yeah, I remember when I got a blower there by the beach”.
• I even had little kids from the east side of Barcelona throwing up the “Wessyde”.
• Accidentally dissed the actor, Bob Saget in NYC at the airport when I was exchanging some CASH and he asked me “How do you use this ATM?” I responded, “I don’t know Screech”, and went on about my business. (I had to ask my little brother later to figure out it was Bob Saget.)
• Did some sketches at Park Güell.
• Kicked back and smoked grits while watching tourists get hustled at three card monte on Las Ramblas.
Click Here for more by the author of this Guest Manifesto Le Parvenue
There is no better training ground than the real world
Mens sana in corpore sano— a healthy mind in a healthy body– was once the watchword for fitness. But look at what has happened to the way we keep fit: we exercise in windowless basements, ingesting both recycled air and asinine music piped in at a steady feed. The gym is a place of isolation. Just look at a packed gym with all the people hiding in their private worlds of iPods and earphones.
“First things first, you need a place to work out. You don’t want to join the corporate gym that has all new equipment, a juice bar and all yuppie clientele. Join the gym that has boxing equipment and is hot, smells terrible with a felon clientele…Always the top or the bottom, none of that middle of the road, suburban crap…a hall mark of The G Manifesto.” – MPM
But there’s a growing school of thought that, in terms of overall fitness, both physical and mental, the outside world is where we should be looking, not so much for inspiration but for things to actually do. Today, we don’t really push or pull things in our lives any more, and the gym somehow evolved to reflect that. It just isn’t fulfilling—there’s no interaction.
And as the aesthetic ideal for men shifts ever further away from the super-groomed metrosexual to a manlier paradigm, ideal body shapes are being reconsidered.
“You don’t need to lift heavy weights anymore, it’s not the Eighties, and you are not trying to sack the quarterback anymore.” -MPM
Clearly, for this different sort of workout, a different sort of motivation is required. Here is where boxing comes in. It is, after all, the most alpha of manly pursuits: going toe-to-toe in an old-fashioned fight. This is why scores of bankers, lawyers and industrialists (not to mention International Playboy’s on the rise) turn to boxing to boost adrenalin and build muscle. At Gleason’s Gym in Brooklyn, the 650 white-collar boxers make up more than half the clientele. “It’s a very good way to relieve stress and aggravation,” says Bruce Silverglade, Gleason’s president.
“One of the most important aspects of Entering The Dragon. You need to spar. Get your rounds in. They will pay dividends.”-MPM
On Wednesday nights, money manager John Oden leaves his tailored suit and Hermes tie in the locker room at the New York Athletic Club and climbs into the boxing ring in red Everlast gloves and white high-top sneakers. Much like the boxing greats he emulates, he feeds off the energy in the ring. Self-respect is also a factor. Not getting beaten up in front of your friends and colleagues is a much better motivator than wanting to look good; fighting for your pride is about the best goal you can have.
Relating to the Streets and Making a Comeback
While Oden was writing his book, “Life in the Ring: Lessons and Inspirations From the Sport of Boxing,” he was right in the middle of the financial crisis. The Down Economy was taking its toll. In fact, it was during this period that his I-bank’s investors pulled $44 billion from its funds. The Standard & Poor’s 500 Index fell to 676.53, the lowest level since September 1996.
“It was an awful time,” says Oden, sitting in a 36th- floor conference room overlooking Central Park. “Everyone I know suffered.” But many of the 12 boxers he was writing about, including George Foreman, Bernard Hopkins and James J. Braddock, overcame tougher challenges, he says. “I am talking about growing up in ghettos, having no education or role models, going to prison,” Oden says.
Like the business world, boxing requires “manic” preparation and 100 percent concentration. Before his fights, Oden learned about his opponents and worked out 10 times a week. “The ability to dig down and make a comeback in business is just the same as it is in boxing.”
And there’s a desirable side effect: incredible fitness. This is because boxing is massively aerobic, its constant motion and flexion punctuated by quick, controlled movements provinding an intense all-body workout. Plus, you acquire a skill, and you pick up a lot of confidence–not to mention respect.
“Even if people don’t appreciate the sport, they appreciate and understand the discipline and preparation required to do the sport,” Oden says. “Who wouldn’t want someone who has these qualities, who prepares this way for something?”
Make sure you read that. I may come up with some more Core Game Principles for the people in a few days/weeks.
Recently, I crawled up out of that grave, wiping the dirt, cleaning my custom shirt. Type mysterious, like the mind behind pyramids.
Now I am operating on like four hours of sleep, pulling down heavy dough, and ripping and strangling nightspots, swooping dimes and cracking spines (of my rivals).
Make it happen today, life is so, so short.
“They say it’s lonely at the top, in whatever you do
You always gotta watch motherf*ckers around you
Nobody’s invincible, no plan is foolproof
We all must meet our moment of truth” – Guru
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life
One, Killing Zoe is a pretty dope movie. It is one of the few movies out there that depicts the often overlooked “Heroin Heist Man/ Grunge Heist Man” era of the early 1990’s.
I remember this era well from back when I was a young cub. I vividly recall going over to these older G’s crib in my hood and seeing them shooting up “post heist” (I often bought weed from them and rolled by their crib to see what was going down). They were all high as a kite and there was some “dye-pack ruined” dollar bills in the bath tub. Pretty ugly scene.
But that’s neither heron spikes or Mike and Ike’s.
The other thing I like about the flick is that it covers the typical drug fueled night with locals that everyone has experienced multiple times while traveling.
Also, there is a great lesson to be learned in the movie: getting the loot it is one part, getting away with it is another, exchanging it for dough is the most important.
Lastly, this version of Killing Zoe is in Spanish. So its good for language practice. Additionally, it is great to sit back and watch it with a beautiful Colombian Girl in your palatial apartment on the northside of Bogotá, Colombia while sipping on Malbec and taking a break from the frenetic nightlife of Zona Rosa and Parque 93.
Not like I would know anything about that though.
Ha. Life is good.
In Boxing News, Lucas Matthysse defeats DeMarcus “Chop Chop” Corley.
In one of the most dubious refereeing jobs in recent memory, former world champion DeMarcus “Chop Chop” Corley was allowed to be dropped NINE times in dropping about to Lucas Matthysse via eighth round stoppage in Mendoza, Argentina.
Matthyse softened Corley up over the first four round before dropping Cor twice in round five, once in round six, three times in round seven and two times in round eight.
Most of the shots were hooks to the body and ironically the last knockdown looked like Matthysse clearly missed Corley but Corley slipped and the referee waved the bout off.
Matthysse, 139 1/2 lbs was fighting for the first time since his first professional loss which came last November to Zab Judah is now 28-1 with twenty-six knockouts. Corley, 138 3/4 lbs of Washington, DC is now 37-16-1.
When comparing other asset classes we do not think that commodities are superior, though we do like the non-correlation to other asset classes. The performance of most commodities is independent to the performance in the stock market, bond market or real estate market. The U.S. stock market has just clawed back to levels seen before the financial crises, while the jury is still out on whether the housing markets have bottomed yet? With yields at near record lows in the Treasury complex we doubt a sizeable allocation here is the answer for investors either. Because we are clearly in a bull market in commodities, with a number of them reaching record if not multi-decade highs, we suggest getting on board. Many investors I speak to feel they have missed the boat. I disagree, while I feel the train has left the station we think there is much more upside in the quarters and years to come. Additionally most commodity investors are not long only so there will be opportunities to speculate on price depreciation as well.
Find below a brief overview broken down by sector as to what we feel 2011 has to offer commodity investors.
To keep up to speed with our ideas we encourage investors to follow our weekly commentary or daily blog. http://commodityblog.mbwealth.com
Agriculture: If the first month of trading in the grain market is any indication of what is to come, expect your grocery bill to increase this year. Since the October USDA crop report we’ve seen a bullish sentiment in the grain complex. Ending stocks in corn have been reduced to their lowest level since 1996/1997 pushing the stocks to usage ratio to under 7%; the second lowest in history. The increased usage from China and abroad should mean exports ramp up in the United States again this year. Weather is the wildcard currently in the South American crop and then in the United States in the spring and summer. It is not just the United States that is dealing with tight stocks as the world stocks/usage ratio is just 14.5%, the second tightest setup since 1973. Ethanol usage is perhaps even a bigger wildcard as the demand outlook is unclear. My belief is that corn prices still need to move higher to curb demand and to attract more acreage.
Wheat was the first major agricultural market to surge to record highs in 2008/2009 but of late the price action has taken a back seat to soybeans and corn. The end result was because prices reached such extremes, we’ve seen production increases globally that have tempered prices. Wheat will continue to react to movement in the dollar and on growing concerns of food inflation. The two biggest countries that could affect movements in wheat are Egypt and India. Egypt, being one of the largest wheat exporters, has been forced to build reserves because of the drought in the Black Sea region. While India has harvested a bumper crop in 2010, they still maintained a ban on wheat exports. The underlying quandary abroad is increased food insecurity. United States farmers have done a good job of taking advantage of higher pricing as ending stocks in 2010/2011 are projected to be the second highest in history. Assuming normal weather we believe the wheat market will see increased supplies and we could see prices trade back near the $6 range.
Like many commodities China has been the driving force in the soybean market. For many producers they can say 2010/2011 will be their most profitable years ever. You have not seen a more significant jump in acreage because the margins at the moment are even better for corn. Case in point is the soybean/corn ratio, which at 2.1 is near the lower end of the 30-year range. Given the current fears of a possible drought in South America and a late start to plantings, coupled with the surge in demand from China, we think 2011 will be another bullish year in the soybean complex, albeit particularly volatile. Demand is undeniable but there may have been too much weather premium built into the market, so on ideal weather expect that premium to be stripped out of the market. As it stands now the world’s balance sheets are showing a production surplus but the recent reductions are far from bearish. There may be more upside in the months to come but with record net longs in place we think there is more potential downside surprise than upside in the immediate future.
Softs: Volatility was the name of the game in sugar in 2010, as prices more than doubled reaching multi-decade highs by Q4. As we enter 2011, if we see continued weather issues in Brazil it could set the stage for an additional price surge as we’ve been unable to truly rebuild supplies with growing demand after the previous deficit. World sugar stocks remain near 17-year lows and the stocks/usage ratio is dangerously narrow. Weather was the problem last year with a drought in Brazil, the Black Sea region and Russia contributing as well were floods in Europe and Thailand. Major weather events shifted what was expected to be a 4-6 million tonne build to potentially no surplus or another deficit. China’s output is expected to recover but the problem may be that their usage may grow at a faster pace. It’s feasible that China could become a major importer in 2011. In our view, it would not take much to see the tight supply imbalance to make sugar a good candidate to buy and hold after we get a 10-15% correction in the next few months.
For the first part of 2010, coffee traded sideways and then from June on, prices appreciated 70% lifting coffee to over $2/lb. for the first time in nearly 15 years. Beginning stocks were tight to begin with and much like sugar, adverse weather in South America helped propel prices higher. We go into 2011 with coffee too pricey and it would take a healthy correction for us to get interested in longs. In fact, aggressive traders could gain bearish exposure to play a 10-20% depreciation in Q1 and Q2. The fundamental picture is mixed with very tight ending stocks, but we should have ample supply as across the globe is expected to have record production.
Cotton futures surged to all-time highs in 2010 and currently look poised to challenge those levels once again. Exports have continued to increase in the face of the market making new highs, so until we see that let up expect the trend line near $1.30 to act as solid support. Because high prices to date have yet to ration out demand, we will likely see fresh highs. If demand continues to expand into 2011 this could pose a major problem even with the domestic crop getting off to a good start because if the Asian demand is growing at a faster pace we still need to rebuild US stocks. Cotton will need to capture 2-3 million additional acres in 2011 but the challenge is other crops i.e. corn and soybeans may be more profitable. We do however feel that in time, likely several months when we start to experience a slowdown, a trade back under $1 is not out of the question. The fact that the December 2011 is trading at a 37% discount to the front month is an indication that these levels are not sustainable.
OJ was sideways for the first part of 2010 before trending higher from mid-year trading to $1.80; levels not seen since early 2007. We start 2011 with a positive outlook on OJ but like coffee we expect to experience a correction early this year that could drag prices closer to $1.50. A drought in Brazil could take some supply off the world market. That may be able to be offset by larger crops domestically in California and Florida. The problem with that scenario is OJ prices may be more susceptible to price spikes on a freeze in the United States or increased hurricane activity. We would be a buyer between $1.40/1.50 and a seller closer to $2.00.
An attempt at cornering the cocoa market last year was the major headline as grindings in Europe and North America were showing their first gains in over a year. Those actions caused a price spike on both the LIFFE and ICE exchanges during Q2. Once delivery had passed prices quickly turned around dropping 15-20% depending on the contract month. From there we’ve seen a rebound lifting prices back to the upper end of the trading range. The forecast in 2011 is for cocoa supplies to exceed demand, reversing a 2010 production deficit. Major cocoa producers including Ghana, the Ivory Coast and African nations are all expected to have production increases year over year. We expect that if the economy globally remains stable and we experience a resumption of the downtrend in the US dollar we can see prices approach $3500/3600 by Q3.
Metals: A record high in 2010 and the 10th positive year in a row…yes folks gold. This market has attracted gold bugs, safe haven investors, those looking to diversify and perhaps the most influential the ETF crowd. Gold undeniably has become the quintessential flight to quality instrument. From currency issues to the sovereign debt debacle, even uncertainty in the Treasury market, gold remains a popular diversification play in most investors’ portfolios. We suspect we could get a major shake out in gold sometime in Q1 or Q2, somewhere in the neighborhood of 5-8%. In fact it may already be underway. Central banks are far from the best market timers and because they recently shifted from being net sellers of gold to being net buyers, the timing would be appropriate. We continue to suggest being net buyers on setbacks but typically will trade options against futures or incorporate a strategy with both gold and silver for our clients. We do not see a trade below $1250/ounce this year and on the upside we suspect we could approach $1500/ounce.
Gold made the headlines but silver had performance that far outpaced gold last year and we suspect that to be the case in 2011 as well. Prices have retraced off a 30-year high above $31/ounce, and just in a few short weeks we’ve traded nearly 13% off those levels. In January alone, we’ve witnessed a 50% Fibonacci retracement taking prices near $27/ounce for the first time in two months. We view solid support approaching the 100 day MA at $25.50. Silver has been far more volatile (i.e. risky to trade) than gold in the years past but those with the stomach are advised to scale into longs on set backs, as we have a target of $40/ounce by late 2011 or early 2012.
As the recovery took hold and industrial demand re-emerged, copper prices have soared gaining nearly 250% off their lows in late 2008. As there were rampant fears of a double-dip recession, a number of copper producers reduced their production and even eased back on their exploration/mining efforts. So it was a double whammy when supplies were slack and demand came back into the market. As LME copper stocks and Shanghai copper stocks declined throughout 2010 that added fuel to the fire. If we were to see a bump in copper stocks on either exchange we could easily see a trade back to $3.00/lb. which is approximately the median price for copper over the last five years. At $4.30/4.40 we feel prices are over inflated and in the weeks and months to come we anticipate a trade back near $3.45/3.60. While we rarely trade copper for clients we do follow the price action as it is one of the best barometers for gauging the health in the economy.
Energies: A day rarely passes when I don’t hear someone say oil prices are too high, but it’s all relative and I do not share that opinion. Several years ago one of my managers told me as a trader “to dispend my disbelief.” Translation: We’re in uncharted waters and prices will move substantially higher…six years later I accept that statement as truth. I get the argument that based on supply, prices should be lower but more and more oil is treated as an investment vehicle and in some instances even a currency, so fundamentals in my opinion do not play as large a role as they did in past years. Above ground world supplies are near record highs but current demand, and more importantly, future demand expectations are escalating. Refinery interruptions and violence in oil producing regions around the world have in the past and will continue to cause price volatility. 2011 will likely be a bullish year for oil once again as we assume a buy dips mentality expecting prices to see $110/115 by Q3 with solid support between $75/80. One must remember it is not always about oil either, sometimes the tail can wag the dog; as RBOB and heating oil may determine price direction in oil.
With refinery rates as low as they have been it has been an anomaly for RBOB stocks to stay at elevated levels but that has been the case now for several quarters. Ethanol production continued throughout 2010 to post record highs. This may become a larger factor in 2011 as the government has paved the way for increased usage. Weighing first the supply situation in RBOB the current US operating rate is extremely low and it would not take much to cause price instability. Domestically the demand side has shown signs of life, as travel and usage have started to bounce back. To really see demand eat into the exorbitant supply we will need to consistently consume in excess of 9.0 million bpd. That in itself could get prices moving north or continued refinery glitches. We see a range between $2.00 and $3.00/gallon in 2011.
Heating oil was range bound for much of 2010 for the most part wandering in a 50 cent range. A colder winter across much of the country has started to boost demand and will start to eat into the burdensome inventories. It will take a significant jump to put a dent though as we’re coming off record distillate stocks of nearly 176 million barrels in August 2010. The pivot point into 2011 should be if demand can exceed 4.5 million barrels per day. In recent quarters supplies have exceeded demand but exceptionally cold temperatures can change the scope in the coming months. The US refinery operating capacity is also at lower levels so fundamentally we have a bullish set up. Expect increased volatility on weather and refinery issues much like RBOB. We see a range between $2.25 and $3.25/gallon in 2011.
Natural gas was one of the worst performers in 2010 and remains one of the cheapest physical commodities. There is one reason why natural gas has remained at discounted levels relatively close to the cost of production, an overabundance of supply. New all-time highs were reached last year in regards to inventories. A bottoming process has occurred in the last several months, as the market appears to have found equilibrium. We see natural gas as more of a trading range market in 2011 and we will be trading both sides with clients; likely buying near $4 and selling above $5. For this market to gain any significant traction we would need to see either a further cut in rig production, higher oil prices forcing increased usage in natural gas as an alternative or a policy shift from Washington to encourage greater usage. Short covering may also be a potential catalyst being we have a significant short interest with speculative dollars.
Currencies: The currency market is largely guided by direction in the U.S. dollar, which in 2010 was all over the place, gaining 15% in the first half of the year and then falling 10%. The two main questions in determining the direction of the dollar in 2011 will be the impact of a quantitative easing measure taken by the Federal Reserve and if the Fed starts to raise interest rates this year. In recent years the weakness in the dollar has been a key catalyst for a surge of capital into emerging markets and commodities. We expect this scenario to resurface the second part of 2011 but to kick off the year we could see a strengthening in the greenback. Solid support is eyed around the 75.00 level and stiff resistance comes in at 84.00.
The Euro is caught in a tug of war between the perceived strength in Germany and France and troubles in Greece, Portugal and Ireland. The direction in the Euro will largely be impacted by whether the ECB will need to resume monetary easing and how the markets deal with Trichet’s exit. The same trading range that has contained prices in the last six months should maintain the restrictions between 1.2600 and 1.4200.
The Yen was supported due to safe-haven buying and implications due to the carry trade in 2010. This strength has caused severe problems in their economy predominantly with their exports. Expect a series of interventions by the BOJ in 2011 in an attempt to cap further upside. Do not expect the same near 20% appreciation in 2011 that we witnessed last year. In fact, a trade over 1.2500 is not in our forecast and we think a dollar rally could take prices back near 1.1500.
The Swiss franc also found investors interest when looking for a flight to quality taking prices to near record highs for much of 2010. As fears ease around the globe and on a continued set back in gold expect the franc to trade down to the mid .9000’s.
The new government austerity measures in the UK may ease the pain in the Pound momentarily but the quantitative easing should outweigh the positives, so we anticipate further downside. We suggest using the rally we’ve seen in the first part of January to gain bearish exposure. Stiff resistance is eyed between 1.6300 and 1.6500 and we feel we’ll get a steady slide closer to 1.5000 in the quarters to come.
Given that the dollar has such a grave impact on the price of commodities it would only make sense for the commodity-driven economies which include Australia, New Zealand and Canada and their respective currencies, to be impacted by the underlying fluctuations in commodity prices. That being said, further strength should support these three crosses so our suggestion would be for most of 2011 to trade from the long side. Additionally, in New Zealand and Australia the positive interest rate differential should serve as a supporting factor.
Financials: The U.S. equity market far exceeded my expectations last year advancing from mid-year on gaining 10-20% depending on the index tracked. It would appear there is little to no fear from the sub-prime crisis or at least the powers that be have swept these concerns under the proverbial carpet for the time being. While in some sectors we did see top-line revenue gains for the most part the bottom lines appear better because of aggressive cost cutting measures. In order for the trend higher in stocks to continue into 2011, we need to see increased positive corporate earnings, real job growth, a bottom in the real estate market and for consumer spending to truly re-emerge. Low interest rates and the quantitative easing that has taken place could aid in an extended recovery in the short run but we do not feel appropriate for an improvement longer term as we’re kicking the can down the road. All the good news, in my opinion, is factored in and if and when additional shoes drop we may see a 10-15% plus correction. We’ve been thinking this for the last two months and obviously have been premature. We do not expect to see the Dow trade above 13000 and see the upper band in the S&P at 1400 this year. As for downside in 2011, we see 10000 and 1000 respectively.
The rally in the Treasury market in 2010 was largely a reaction to the sovereign debt issues abroad and the threat of a double-dip recession. The rally that took place in the first half of the year was erased in the second half as prices ended the year only marginally higher in price and lower in yield in the long end of the curve. In the short end, prices remained at elevated levels due to the Fed’s desire to focus on the short to middle part of the curve. The sporadic back and forth between the US and China and their pace of debt purchases also contributed to volatility throughout 2010 and will likely persist into 2011. Pay very close attention this year to the monthly capital flow report. If the price of commodities continues to increase the Fed’s hand may be forced resulting in raising interest rates which would have a direct impact across the curve. Continue to monitor the monthly PPI and CPI figure for signs of inflation increasing or abating. We have a sell rallies mentality in this complex in both the short end and long end of the curve.
Livestock: The cattle market saw a major recovery during much of 2010 as improving demand in the U.S., a strong recovery in exports, lower imports and declining production all contributed to an aggressive climb higher in prices lifting cattle to record highs. After the decline in pricing in 2008/2009 cattle reached low enough levels that producers reduced their herds. To complicate the situation a surge in corn prices left the market without an incentive to encourage herd expansion. Beef production is expected to increase Q1 and Q2 of 2011 but the increase is expected to be one of the smallest in the last decade. Exports have started to pick up and as demand increases domestically we see prices trading to new record highs in the coming months.
After a rough few years of major losses in the hog industry a decline in hog supply and demand coming back on line has helped improve margins and cause a major rally in recent months. Nearby futures put in a major low in August of 2009 and have not looked back since more than doubling in value in that time frame. Margins are improving as hog producers are making money again but the surge in inputs will undoubtedly prevent a large increase in herds. Exports have also slowed so we will need to work off some production into the spring of 2011 but then we expect another surge higher. The game changer this year is how large the increase will be in US pork exports.
Conclusion: What an investor should obtain from this report is that commodities should be a portion of your portfolio; a conservative investor should have an allocation of approximately 5% and an aggressive investor is advised to have approximately 20% of their portfolio in commodity futures and options. This can be through a commodity account with a brokerage firm or an allocation to a managed futures fund. In our opinion, there will be ample opportunities across all seven sectors to be both long and short. However one must respect the trend as we see more upside to come, so get involved because investors that ignore the price action in commodities do so at their own peril.
For specific strategies contact us via e-mail http://www.mbwealth.com or telephone at (888) 920-9997 / 954-929-9898. For the most part investors reading this analysis want to be more hands on, however we suggest taking a look at our managed futures section and consider diversifying further via CTA’s with proven track records.
Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.
