1. See important disclosures on last page 1 www.eqstrading.com
SIGNALS
Apple has lost over $105 billion
in market cap over the last two
weeks. The lost value in market
cap would place Apple greater
than the #62 economy in the
world GDP list, just behind the
country of Morocco. This is why it
makes news when Apple’s stock
goes up or down. With a market
cap of almost ¾ of a trillion dol-
lars, Apple’s market cap is about
the size of the Switzerland’s GDP,
making it #20 on the world list.
In terms of
wealth, if Apple
were a country, it
would be the
55th richest
country in the
world.
Like it or not,
Apple matters,
and the outlook
of the largest
company in the world matters to the economic health and com-
modity demand outlook of the world. However, this week we
have not been waiting on Steve Jobs to come back to life and
turn around Apple—what we were waiting for was the release of
the jobs data from the US Labor Department. (Continued on
Page 2)
All About J-O-B-S
Some good results this week!
*EQS short signals of oil and
products were up on average
17.37% last week!
*Gasoline short was up a strong
8.04% last week for a total gain
of 16.38% since the short call was
made on 7-13-15
**You can achieve these results
with discipline and by following
the EQS daily trade recommen-
dations and using the daily EQS
Stop Loss guidance
I N S I D E T H I S I S S U E :
Jobs Continued 2
Natural Gas 3
Oil and Products 4
Terms and Disclosures 5
EQS TR A D E RE C O M M E N DA T I O N S
THE SOUR C E
F OR C OM M OD ITY
TR AD ING SIGN ALS
Volume 1, Issue 7 August 10, 2015
A Weekly Publication on the Commodity Markets
TM

2. See important disclosures on last page 2 www.eqstrading.com
(Continued from page 1)
American companies added 215,000 jobs in the month of July, while the unemployment rate
remained at 5.3%. The labor force participation rate also remained flat at 62.6%, its lowest level
since 1977.
Economists polled by Reuters expected nonfarm payroll gains of 223,000 in July, with the un-
employment rate at 5.3%. The news was not good, but it was not bad. However what the mar-
ket needed was either a big gain or a big miss, as at least that would have given us some cer-
tainty around the Fed’s next move.
On Tuesday, Dennis Lockhart, the president of the Atlanta Fed, said that he supports a rate hike
at the U.S. central bank's next policy meeting in September. In an interview with the Wall Street
Journal, Lockhart said it would take major weakness in the data to convince him not to move. "I
think there is a high bar right now to not acting, speaking for myself," Lockhart said.
The positive is that jobs are growing and unemployment is stable and actually about where it
should be, but the large concern is that the labor participation rate is only 62.6, which if you
remember back to ECON 101 means that the actual unemployment rate is much higher than
the 5.3% reported as many people have just simply given up hope of finding work and are not
even counted in the jobs data.
As we talked about last week, the Fed is tight lipped, leaving the markets in limbo on exactly
when the first rate hike in over nine years is coming. If there is one thing the market hates, it is
uncertainty. Because the jobs number did not provide any real clarity, it was a huge disappoint-
ment as we still do not have any clear picture of how the Fed will digest the data and what and
when will be their move.
Though the market hates uncertainty, traders can use this uncertainty to their advantage. Vola-
tility creates opportunity, and as EQS teaches our readers, with trading discipline we can make
money no matter what direction the market and the economy moves. It is clear that the market
has finally been waking up to what we have been pointing out for weeks: the world economy is
approaching the end of a business
cycle. The US dollar continues to
have global strength, commodities
are still on a back slide, and now
Wall Street approaches something
that has not happened in over four
years: seven straight down days on
the Dow Jones Industrial average.
It is really all about the jobs. The
jobs data was really a no-win situa-
tion for the market. A big gain and
the Fed was more likely to raise
rates, a big miss and the business
cycle has begun to end and we will
face recession. The data that was
released was neither positive nor
negative, and this could be an even
bigger blow to the markets as it now
throws further uncertainty into an
already fragile world economy.
ALL ABOUT THE JOBS….(CONT.)
Dennis Lockhart, the
president of the Atlanta
Fed, on Tuesday said he
supports a rate hike at
the U.S. central bank's
next policy meeting in
September.

3. See important disclosures on last page 3 www.eqstrading.com
Natural gas prices settled higher for the week at $2.80/mmbtu. The EIA reported Thursday morn-
ing that U.S. natural gas stocks increased by 32 billion cubic feet for the week, ending on July 31.
Analysts polled by Bloomberg expected a storage injection (increase) of 40 billion cubic feet. The
five-year average for the week is an increase of around 53 billion cubic feet. The 52-week low for
natural gas futures is $2.59. One year ago, the price for a million BTUs was around $3.87.
Although demand for natural gas is expected to decline as temperatures moderate across much of
the more heavily populated regions of the United States, natural gas will continue to steal market
share from coal, as many coal-fired power plants are retired in 2015 and 2016 due to EPA emission
requirements. Furthermore, we are approaching a time period where seasonal lows occur, as illus-
trated by the attached bar chart. Watch for a turning point between now and September, when
buyers step in to stock
up and hedge for the
upcoming winter season.
As mentioned in previ-
ous issues of Signals,
EQS advises clients to
pay close attention to a
key resistance line in
tact since February
2014 (see attached
chart). A breach in this
line could break loose a
stampede for the bulls!
Stay tuned, it appears a
turning point is near!
Natural Gas: Close to a Turning Point
Bearish
Natural Gas
Natural Gas Spot Price Seasonal Analysis
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
NumberofOccurences
Annual Low
Annual High
NG Prices
Feb 2014
Aug 2015

4. See important disclosures on last page 4 www.eqstrading.com
Crude and refined product prices declined for the
week, and West Texas Intermediate Crude Oil (WTI)
settled at $43.87/bbl, near a six-year closing low of
$43.46/BBL reached in March. WTI appears to be
testing a
major sup-
port level
that can be
traced back
to 1998
(see at-
tached
chart).
However,
during Fri-
day’s ses-
sion, the
price de-
cline did not
end without
a fight from the bulls. Indeed, buyers were step-
ping in, and ultra-low sulfur diesel was getting the
strongest bid. A weekly report by The U.S. Energy
Information Administration (EIA) and Baker Hughes
revealed that although oil and refined product in-
ventories declined and demand remained strong,
both rig counts and production levels increased,
which helped the bears claw their way to victory.
Friday’s WSJ discussed how rising production was a
theme during the past week as shale drillers report-
ed their second-quarter earnings. Companies are
finding new ways to drill wells faster and cheaper
than before, and many producers are trying to
make up for revenue lost to declining oil prices by
pumping more oil. Specifically, Whiting Petroleum
stated they are setting up the company to run and
grow in a $40/bbl to $50/bbl environment.
IS NOW THE TIME TO BUY CRUDE?
NOT SO FAST...
Bearish
Oil & Refined Products
Relating to the cover story, the jobs report
appeared to be strong enough for many ana-
lysts to feel we may see the Fed hike rates in
September. A combination of rate hikes in
the US and monetary easing in Europe are
bullish for the US dollar, which consequently
is bearish for oil. However, although the US
dollar initially rose after the jobs report, the
DXY (an index of the value of the US dollar
relative to a basket of foreign currencies)
struggled to stay above key resistance at
98.3. See the attached chart that shows the
DXY versus the S&P GSCI (Goldman Sachs
Commodity Index) that illustrates the nega-
tive correlation between the US dollar and
commodities.
So, is now the time to buy crude? Watch the
US dollar and US production levels as a ma-
jor change in these indicators are needed to
shift market sentiment for a rebound in oil
prices.
WTI Oil Prices
1998
2009 2015
DXY (US Dollar) vs GSCI (Commodity Index)

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THE SOUR C E
F OR C OM M OD ITY
TR AD ING SIGN ALS
TERMS and DISCLOSURES