The document discusses recent volatility in commodity markets driven by global macroeconomic and geopolitical news. It notes that industrial metals like iron ore have fallen sharply due to uncertainty around Chinese demand. It summarizes that China's efforts to prop up its stock market are delaying an inevitable correction, which could significantly impact global commodity demand. The document also cites bearish supply factors for energy markets like the potential resumption of Iranian oil exports. Overall it maintains a bearish outlook across commodities given demand-side uncertainties and resilient supply.

1. 1
SIGNALS
Econ 101…When supply
equals demand we get Equi-
librium. It has been a wild
few weeks for all commodities
as supply and demand are
locked in a death battle to
find price stability. When this
happens it is a fun time to be
a commodity trader as volatili-
ty leaves profit opportunity.
Across the board the markets
have been getting swung daily
as news stories from Greece,
Europe, Puerto Rico, and Chi-
na have been yo-yoing mar-
kets as fast as the news de-
velops. If you trade equities,
news moving prices is nothing
new, but the difference is that
these global stories are
changing the macroeconomic
picture for the entire world
which is creating DEMAND
side uncertainty, and thus
price uncertainty.
No picture is stronger than
the swing in the industrial
metals, which is directly corre-
lated to the global picture for
building and manufacturing.
Iron prices have been down
as much as 28% this week!
On Wednesday alone iron ore
fell more than 10%, the larg-
est one-day percentage fall on
record-EVER!
The reason we have been
focused on China is that they
are the Elephant in the room,
with 15% of the entire global
GDP. If the Chinese equity
market collapses it could
trigger a chain of events that
will do what? Change global
DEMAND for commodities
such as energy, metal, and
food. Well to all of my fellow
readers that passed Econ
101, a change in DEMAND chang-
es the one thing we care about…
PRICES!
The Chinese government has
been scrambling to keep their
markets propped up for many
reasons, one of the biggest being
if the market crashes it is as the
social unrest issues that will be
as big or bigger issue for the
country than the economic prob-
lem that a crash will cause. So-
cial unrest could be the straw that
breaks the back of the Com-
munist Party, so the government
is literally fighting for its life!
(continued on page 2)
GLOBAL NEWS ROCKS WORLD
SUPPLY AND DEMAND OUTLOOK
Some Good Runs This Week!
As we always say...volatility is our
Friend!
-Gasoline was up 6.77% since our
long call on 7-7-15
-The total gain on the long posi-
tion for oil and all products since
the long call on 7-7-15 was 4.12%
**You can achieve these results
with discipline and by following
the EQS daily trade recommenda-
tions and using the daily EQS stop
loss guidance
I N S I D E T H I S I S S U E :
World 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 3 July 13, 2015
A Weekly Publication on the Commodity Markets
TM

2. 2
(Continued from page 1)
Here is the problem; the Chi-
nese government is kicking
the can down the road by
saving the market. As the
market is not allowed to
properly correct the bubble is
only growing bigger, and as
we well know the bigger the
bubble the harder it pops.
Expect the China market to
stabilize a bit with the govern-
ment intervention this week.
The Chinese news stories will
likely start to fade away, and
that is when we need to start
being concerned, recall that
we at EQS started talking
about China long before the
media picked it up. Just be-
cause the media stops talking
about it will not make it go
away, so will continue to keep
you posted on developing
events.
What makes the commodity
market more fun than other
markets is we also get the
pleasure of dealing with SUP-
PLY uncertainty. This week
we have bearish EIA reports
across the board as there
appears to be a domestic glut
in most of the energy sector.
Iran talks continue and
Obama put the likelihood of a
deal at 50/50 as delays still
preside. If sanctions are lifted
it will put Iran light sweet
crude on the market, which
could further glut the market
and would be bearish on pric-
es.
The domestic agriculture sup-
ply has also been getting
hammered this week as
weather is taking a toll on
crops. Drought in the west
and heavy rain in the central
mid-west are rallying ag pric-
es. We will continue to keep
our eyes on the radar, but it
looks like much of the dam-
age may already have hit the
growing season to rescue
yields.
As we said on Friday, you
cannot be on the right side
of the market every day, but
over the long run by staying
disciplined and cutting loss-
es with stops and letting your
winners run you can enjoy
the returns that the EQS
strategy provides.
WORLD….(CONT.)
On Wednesday alone
iron ore fell more than
10%, the largest one-
day percentage fall on
record-EVER!

3. 3
Despite the recent rally in prices, EQS re-
mains Bearish on natural gas prices as it
still has not broken out of the long-term
resistance line that has been holding since
February of 2014.
No extreme heat is expected this month,
"today's forecast is a bit warmer than yes-
terday's" in the next 11 to 15 days, said pri-
vate forecaster WSI Corp. in a note.
Robust production has kept prices subdued
this summer. The U.S. Energy Information
Administration reported on Thursday that
natural-gas inventories grew by 91 billion
cubic feet last week, more than analysts and
traders had expected.
Gas stockpiles now sit at 2.7 trillion cubic
feet, 33% more than a year ago and 1.7%
above the five-year average. "The demand
necessary for any sustained rally just isn't
there," said Aaron Calder, analyst at Gelber
& Associates, in a note.
Despite Rally, No Fundamental Changes
Bearish

4. 4
Money managers cut their bet on rising oil prices to their lowest point since March in the week ended
Tuesday as prices hit multi-month lows. CFTC data show hedge funds and others had cut a net 4,826 bets
on rising Nymex crude prices and added a net 37,559 bets on falling prices compared to a week before.
Net long shrunk 20% to 174K. Prices fell 12% in the last week about uncertainty about the Greek crisis,
Chinese equity markets and the Iran nuclear negotiations.
U.S. oil futures posted their biggest weekly decline since March amid concerns about a continued over-
supply of crude oil and potential weaker demand from the eurozone and China.
On Friday, the International Energy Agency said the market would remain oversupplied in 2016 and
warned that prices could have further to fall. Oilfield-services firm Baker Hughes Inc. said the number of
rigs drilling for oil in the U.S. rose this week for the second straight week, fueling concerns that oil pro-
duction in the U.S. could stay robust.
The IEA on Friday said global demand for oil would slow down next year, as it warned that crude prices
could resume a recent downward spiral. In its first forecast for next year, the IEA, which advises industri-
alized nations on their energy policies, said global oil-demand growth is forecast to slow to 1.2 million
barrels a day in 2016. That compares with an average of 1.4 million barrels a day this year.
Before the bearish news rolled the EQS position, our subscribers has a nice run since our long call of oil
and the products on 7-7-15. The big winner was gasoline, which settled up 6.77% since the recommen-
dation was made. The average of the long call for WTI, brent, diesel, and gasoline was up a nice 4.12%,
not too bad for 4 days work!
OIL & PRODUCTS...SO LONG TO
GOING LONG...THE SHORT IS ON!
Bearish

5. 5
EQS Trading
A Division of EQS Capital Management, LLC
8480 Honeycutt Road, Suite 200
Raleigh, NC 27615
Phone: 919.714.7453
www.EQStrading.com
E-mail: JL@EQScapital.com
Your use of this subscription is governed by these Terms and Conditions.
You may print the documents published in hard copy for internal reference purposes, but not for
any other purpose. Specifically, you may not copy, reproduce, distribute or modify the content.
The information may be changed by EQS at any time without notice. While EQS will use rea-
sonable efforts to ensure that the information is accurate and up to date, no representations or
warranties are given as to the reliability, accuracy and completeness of the information.
This material has been compiled and presented as general information, without specific regard
to the particular circumstances or risks of any company, institution, or individual. It is not intend-
ed as, nor should it be construed to be, investment advice. In no event will EQS, its affiliates,
nor any of its officers, partners or employees be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising
from loss of data or profits arising out of it, or in any connection with, your use of the Subscrip-
tion or the failure of performance, error, omission, interruption, delay in operation or transmis-
sion.
Use of the Subscription Service shall be governed by all applicable Federal laws of the United
States of America and the laws of the State of Delaware. The user hereby acknowledges and
agrees that EQS may be harmed irreparably by any violation of this Agreement and that EQS
shall be entitled to injunctive relief to enforce this Agreement. The information contained has
been prepared solely for informational purposes and is not an offer to sell or purchase or a solici-
tation of an offer to sell or purchase any interests or shares in funds managed by EQS. Any such
offer will be made only pursuant to an offering memorandum and the documents relating thereto
describing such securities.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. HYPOTHETICAL PERFORMANCE RE-
SULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESEN-
TATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMI-
LAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPO-
THETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY
PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RE-
SULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HY-
POTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD
CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE,
THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE
OF 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 TO
THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN AD-
VERSELY AFFECT ACTUAL TRADING RESULTS.
THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THERE-
FORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FI-
NANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY
INTEREST TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD
TO LARGE LOSSES AS WELL AS GAINS.
THE REGULATIONS OF THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") REQUIRE THAT
PROSPECTIVE CLIENTS OF A CTA RECEIVE A DISCLOSURE DOCUMENT WHEN THEY ARE SOLICITED TO
ENTER INTO AN AGREEMENT WHEREBY THE CTA WILL DIRECT OR GUIDE THE CLIENT'S COMMODITY
INTEREST TRADING AND THAT CERTAIN RISK FACTORS BE HIGHLIGHTED. YOU MAY REQUEST A COPY
OF THE DISCLOSURE DOCUMENT BY EMAILING EQS. THE CFTC HAS NOT PASSED UPON THE MERITS
OF PARTICIPATING IN THIS TRADING PROGRAM NOR ON THE ADEQUACY OR ACCURACY OF THE DIS-
CLOSURE DOCUMENT. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIG-
NIFICANT ASPECTS OF THE COMMODITY MARKETS. THEREFORE, YOU SHOULD PROCEED DIRECTLY TO
THE DISCLOSURE DOCUMENT AND STUDY IT CAREFULLY TO DETERMINE WHETHER SUCH TRADING IS
APPROPRIATE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
EQS CAPITAL LLC IS A CFTC REGISTERED COMMODITY TRADING ADVISOR AND COMMODITY POOL
OPERATOR. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION
IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS,
AN OFFERING MEMORANDUM FOR THIS POOL IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED
WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON
THE MERITS OF PARTICIPATING IN A FUND OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING
MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT RE-
VIEWED OR APPROVED THIS OFFERING OR ANY OFFERING MEMORANDUM FOR THIS FUND.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EX-
THE SOUR C E
F OR C OM M OD ITY
TR AD ING SIGN ALS
TERMS and DISCLOSURES