1. See important disclosures on last page 1 www.eqstrading.com
SIGNALS
We said on Tuesday that
Wednesday was going to
be epic, and luckily we
adverted epic failure and
were rewarded with si-
lence. Nothing new, noth-
ing earth shattering, just
more of the same…stay the
course…and we will take
that as an epic success.
The Fed continues to give us no
real answers from the FOMC
meeting statement that was
released on Wednesday. Sec-
ond quarter GDP expanded at
2.3% and Q1 GDP was revised
up to 0.6% from the previous
0.2% contraction. In the state-
ment, the Fed said the econo-
my was expanding moderately
and that rates would be left
unchanged.
In this case the silence of the
Fed did little to calm foreign or
domestic equities markets and
the commodity slide, as we con-
tinue to be short the energy sec-
tor. The global economy re-
mains on shaky ground and the
United States remains one of the
few bright spots in the world.
(Continued on Page 2)
And the Fed Speaks with Silence…
Some good results this week!
*EQS short signals of oil and prod-
ucts were up on average 1.6% last
week
*WTI short was up a strong 3.68%
last week for a total gain of
11.05% 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 :
Fed 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 6 August 3, 2015
A Weekly Publication on the Commodity Markets
TM

2. See important disclosures on last page 2 www.eqstrading.com
(Continued from page 1)
Most of Wall Street has now reported strong and or growing earnings helped stock buyback
bonanza that has helped boost earnings per share, however fear of lower future earnings have
equites selling off from the market highs.
We do not have a crystal ball, but it has long been our belief that a rate hike would not have
been appropriate at this time. Though the Fed speaks with silence, they have made it clear
that rates hikes are coming when the data shows that it is appropriate, regardless of whether
the global and domestic economy is truly ready swallow it or not. The federal funds futures mar-
ket is discounting a 40% chance of a rate hike at the next meeting on Sep 16-17, a 52% chance
of a rate hike by the Oct 27-28 meeting, and a 96% chance of a rate hike by the Dec 15-
16 meeting.
There does not seem to be enough that could change in the next few months to boost economic
outlook to call for a September hike. An October rate hike could really put the brakes on holiday
spending which would have a major impact on spending and put a real hit on the Q4 numbers.
The last thing the Fed wants is to start off 2016 behind the 8 ball.
December may shape up to be the best hope of an adverse market
reaction, but no matter how bad main street wants Washington DC
out of the lime light, with the 2016 election year in around the corner,
the closer to election date we get the more front and center a hike
will become. You can bet whatever the Fed does will be the center of
what will likely be the number one priority of candidates and voters…
the economy.
Since the Fed remains silent, we have to use some clues and look
around the world. Though there are millions of variables and data
points, economics boils down to simple common sense. Common
sense tells us that a raise hike is not yet justified. At this point we will
take Wednesday as an epic success! On the flipside, we have noted
that global economic health looks less than excellent. We know that
rates cannot stay low in perpetuity, but if a recession is coming there
will be very fee tools to fight it if rates are at or near zero, and for that
the Fed is running out of time.
THE FED SPEAKS….(CONT.)
The FED "anticipates
that it will be
appropriate to raise the
target range for the Fed
funds rate when it has
seen some further
improvement in the
labor market..."

3. See important disclosures on last page 3 www.eqstrading.com
Weather and short covering continues to be the
driving factor of any upward price moves that
occurred during the last week. We continue to
stay disciplined with stops, and with this ap-
proach we were still able to bring home a 1.76%
gain for the week from our continued short posi-
tion.
EQS remains bearish as natural gas continues to
be oversupplied. US production is climbing amid
growing dry shale production. This is in light of a
meaningful drop in natural gas rig count. De-
mand has been supportive with record high pow-
er generation. Additionally, industrial demand
growth and coal plant retirements have support-
ed natural gas demand and recently electricity
from natural gas demand surpassed coal for the
first time. However, this has not been enough to
change market sentiment as data from the CFTC
still shows non-commercials hold a large net
short position in the market.
It is beginning to sound like a broken record as
the resistance line that we have been watching
continues to hold.
Natural Gas: Weather and Supply
Bearish
Natural Gas

4. See important disclosures on last page 4 www.eqstrading.com
Bearish global fundamentals remain center stage
and continue to push prices lower in the oil and
products sector. As the market continues to digest
oil prices, we are seeing more and more extreme
predictions from $20 to $30 oil by the end of the
year, to the flipside of bulls touting $75 to $100 oil.
For now China and Iran look to be the major factors
that could leg oil down further.
As we talked about last week, losses began to ac-
celerate as soon as the $50 psychological barrier
broke. US rig counts have begun to creep higher
again, even with petroleum inventories above 5-
year range and no meaningful drop in US produc-
tion. This could be due to producer locking in hedg-
es when prices were above $60/bbl. Nevertheless,
this rig count increase seems early, given the poor
fundamental picture of high inventories. Further
exasperating the supply glut is OPEC as Saudi pro-
duction is reaching new highs.
Demand is healthy overall, with US refinery capacity
utilization remaining at the high end of the range –
refineries are operating near maximum utilization
because demand for products is high. A caveat is
that demand is near seasonal peak levels so ap-
proaching the fall shoulder months with high inven-
tories is a bearish sign. As the fall refinery mainte-
nance season gets underway we will likely see a
shift back to crude oil stocks building.
HOW IS YOUR CRYSTAL BALL? $100
OR $20 OIL?
Bearish
Oil & Products
US and global PMIs are above 50 (indicating
economies are expanding), but are showing a
year-on-year decline which is bearish for oil
demand growth. The US dollar is close to a
resistance line in place since mid-march of
this year. Any breakout above this resistance
would have bearish implications for oil. Thus
given the poor macroeconomic and funda-
mental environment of the market, EQS re-
mains bearish.
EQS will be monitoring any meaningful de-
cline in production as well as US dollar weak-
ness to signal a change in price direction.
But for now, it has paid to be short!

5. See important disclosures on last page 5 www.eqstrading.com
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THE SOUR C E
F OR C OM M OD ITY
TR AD ING SIGN ALS
TERMS and DISCLOSURES