The document provides an analysis of current economic and market conditions in the United States and globally. It notes that while US stock markets are hovering near all-time highs, the strength of the dollar has declined this year, reducing returns for US investors. It discusses ongoing uncertainty related to the US presidential election and Federal Reserve interest rate policy. The document examines conditions and outlooks across various commodity markets including crude oil, natural gas, precious metals and cattle.

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SIGNALS
The United States rally in the stock mar-
ket continues to build steam as Wall
Street hovers around the all-time high
levels that were achieved this summer.
As the Presidential election heats up,
with one camp telling the American peo-
ple how great things are, and the other
painting a picture of working class
struggles, what is
the real story?
As we have said
before, uncer-
tainty drives fear,
which drives vol-
atility. Brexit is
over, and the
world survived
(though there
has yet to be an
actual exit of the
EU). As Brexit
fears fizzled and
a successful Olympics keeping the Bra-
zilian economy in check, the global eco-
nomic Armageddon has not come this
summer and things have started to look
a little better for the world.
The United States has had the luxury of
being a safe haven in this very shaking
and uncertain world economy, but this
could be reversing. As traders buy the rumors
and sell the news, it is the United States with
markets near all-time highs, a FED that is yet to
make a non-illusive statement, and a heavily
divided Presidential race that becomes the
place of uncertainty.
Things are not
bad, but they
are not good
either. It is a
fact that
stocks have
inched to all-
time highs. It
is also a fact
that US
stocks are
priced in dol-
lars, and the
dollar has slipped this year. In real dollar terms
investors are getting “less bang for the buck”
when shopping for stocks. The dollar is about
2.5% lower in August than it was in July, and is
down about 5% for the year. With the S&P up
about 6% on the year and the dollar down 5%, it
is not hard to figure out that the American econ-
omy has not really gone much of anywhere this
this year…
ALL IS CALM
I N S I D E T H I S I S S U E :
All is Calm Continued 2
Precious Metals 3
Crude Oil 4
Natural Gas 5
Cattle 6
About EQS 7
Terms and Disclosures 8
EQS T R A D E RE C O M M E N DA T I O N S
T HE SOURC E
FO R CO MMODITY
T RA DING SIG NA LS
Volume 2, Issue 6 August 30, 2016
An EQS Publication on the Commodity Markets
©
Commodity Symbol
Current
Position
Stoploss YTD Return
Average 5-Year
Annual Return
Average 10-Year
Annual Return
Sharpe
Ratio
WTI Crude Oil CLV16 Neutral NA -5.33% 44.71% 48.20% 2.87
Brent Crude Oil EBX16 Neutral NA 21.37% 51.16% 51.90% 1.39
Diesel HOV16 Neutral NA 21.16% 33.36% 37.98% 1.73
Gasoline RBV16 Neutral NA 23.33% 43.13% 51.81% 2.97
Natural Gas NGV16 Long 3.05% 48.33% 55.95% 66.84% 1.44
Gold GCZ16 Long 1.20% 3.77% 10.88% 20.76% 1.54
Silver SIZ16 Short 1.70% 9.27% 53.45% 64.45% 1.23
Live Cattle LCV16 Long 1.35% -9.74% 14.13% 15.78% 1.25
Average Portfolio 14.02% 38.35% 44.72% 1.80
This performance is simulated using corresponding stop loss recommendations. No leverage used on these results.
Refer to important disclosures on the EQS Trading (www.eqstrading.com) website.

2. Copyright © 2016 EQS Capital Management LLC, See important disclosure on last page
All rights reserved. 2 www.eqstrading.com
A weak dollar causes problems, and a strong dollar causes a different set of problems. So what
does this mean? Well, it depends on who you are! Are you an importer, or an exporter? Are you
a consumer or a producer? A saver or a spender? Business owner or laborer? This is where the
real story gets tricky…what are Janet Yellen and the FED going to do?
There is no question that segments of the economy are about to get a heat stroke, and no ques-
tion that there are segments fighting hyperthermia. As the economy reaches the
FED’s target employment and inflation targets, and with a looming Presidential
election, can Yellen really hike rates?
Based on “facts” the FED should hike another 25 bps before the November elec-
tions. Based on uncertainty not only should the FED leave rates unchanged, they
should consider a cut back to zero or go negative. The question is what are the
real “facts?” Are
you confused?
Confusion is un-
certainty, and
what is uncertainty?
It has been refreshing to have a
“calm” summer, however nothing
has really changed, “facts” are
still “facts,” and it is a fact that
nobody really knows what is going
to happen. Enjoy the record
highs on Wall Street, because a
penny saved is not a dollar
earned when unknown forces
intervene and create a little thing
called uncertainty.
ALL IS CALM (CONTINUED)
Based on “facts”
the FED should
hike another 25
bps before the
November
elections.

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All rights reserved. 3 www.eqstrading.com
PRECIOUS METALS MARKET SUMM ARY
Gold-backed ETFs
had the highest
inflows on record
during the first half
of the year.

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All rights reserved. 4 www.eqstrading.com
CRUDE OI L MARKET SUMMARY
Economic growth
has supported the
demand outlook for
oil, however, this
growth has not
been enough to
reduce the storage
overhang.

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All rights reserved. 5 www.eqstrading.com
NATURAL GAS MARKET SUMMARY
The July ISM
signaled economic
activity expanded
for the fifth
consecutive month,
causing natural gas
industrial demand
to rebound.
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
30.00
35.00
40.00
45.00
50.00
55.00
60.00
65.00
Jan-2003
Jul-2003
Jan-2004
Jul-2004
Jan-2005
Jul-2005
Jan-2006
Jul-2006
Jan-2007
Jul-2007
Jan-2008
Jul-2008
Jan-2009
Jul-2009
Jan-2010
Jul-2010
Jan-2011
Jul-2011
Jan-2012
Jul-2012
Jan-2013
Jul-2013
Jan-2014
Jul-2014
Jan-2015
Jul-2015
Jan-2016
Jul-2016
ISM 3M Advance
Natural Gas Industrial Demand (YOY 3mma)
Natural Gas Industrial Demand

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CATTLE MARKET SUMMARY
The cattle supply &
demand balance
which was in
surplus last year
has shifted into
deficit.
500
520
540
560
580
600
620
640
660
680
700
Pounds(Thousands)
Beef in Cold Storage
10-year average 2016
(0.30)
(0.20)
(0.10)
-
0.10
0.20
0.30
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
Below0=Shortage,Above0=Surplus
CentsperPound
Cattle Supply and Demand Balance
Supply/Demand Balance
Futures Price

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All rights reserved. 7 www.eqstrading.com
Services
Through its subscription service, EQS Trading provides traders and
hedgers easy to follow trading signals for major commodity futures mar-
kets, including crude oil, natural gas, gold, silver and many others. Now,
strategies used by institutions and hedge funds are at your fingertips.
The subscription service includes both daily trading signals and the
weekly Signals Newsletter, which provides in-depth insight to the com-
modity markets.
EQS Capital Management also offers a commodity hedge fund (EQS
Commodity Fund LLC), which employs the same signals in its subscrip-
tion service in a private placement fund for accredited investors and insti-
tutions. Because EQS uses a “long” and “short” strategy, it is designed
to generate returns, regardless of which way the market is moving. EQS
Commodity Fund imbeds strict risk management principles through diver-
sifying its
portfolio
(energy,
metals,
and agri-
culture)
and ac-
tively
managing
stop loss
limits.
About EQS
Economic Quantitative Strategy (aka EQS) is an investment and trading
strategy that translates economic data and technical indicators into price
direction for commodities. Because of its quantitative nature, EQS has
been rigorously back-tested with 15 years of historical data to ensure the
strategy
works in a
variety of
market
conditions.
Further-
more, be-
cause the
global
economy
changes
over time,
EQS em-
ploys dy-
namic parameters that evolve as the market changes.
About Us
Management
Richard C. Rhodes
Mr. Richard C. Rhodes is the Presi-
dent and Founder of EQS Capital
Management LLC. Richard has a
Bachelor of Science with honors in
Mechanical Engineering from Texas
A&M University and an MBA from
Duke University. He brings almost 25
years of diverse energy experience,
covering all phases of the oil and natural gas value chain from pro-
ducer to end-user. Richard is a licensed Series 3 CTA (Commodity
Trading Advisor) with the Commodity Futures Trading Commission
and a member of the National Futures Association.
Richard began his professional career on a drilling rig in West Texas
with Conoco Exploration and Production. Richard continued his oil
and gas career with Koch Industries (ranked as one of the largest
privately-owned companies in the U.S.) where he worked in mid-
stream, refining, pipeline, and distribution operations. During his eight
years with Koch Industries, Richard began as an operations engineer
and later found his true passion in trading, which leveraged his pro-
fessional interests in mathematics and economics. Richard joined
Duke Energy in 2002, where he spent ten years working in the energy
trading department and earned The Pinnacle Award, the company’s
highest honor. Richard then left Duke Energy to launch EQS Capital
Management in 2012.
Jonathan M. Lamb
Mr. Jonathan M. Lamb is the Director of
Business Development at EQS Trading. As
a four year varsity hurdler on the track team
at Ball State University, Jonathan earned
Bachelor of Science degrees in Risk Man-
agement, Insurance, and Economics, and
started working on his PhD in Economics at
North Carolina State University before focus-
ing on business and trading.
As part of the first wave of Millennials to join
the work force, Jonathan started his professional career almost 15
year ago, joining ACES Power Marketing as an Operations Specialist,
providing demand side economics for Co-Op Power Providers before
becoming a Real-Time Electricity Power Trader. He continued his
career trading power for seven years with Progress Energy (now
Duke Energy, the largest utility in the nation) as a Senior Real Time
Trader. Jonathan then opted to become an entrepreneur and started
a consulting firm specializing in finance and economics, owning and
running seven different small businesses before joining EQS in 2015.

8. Copyright © 2016 EQS Capital Management LLC, See important disclosure on last page
All rights reserved. 8 www.eqstrading.com
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T HE SOURC E
FO R CO MMODITY
T RA DING SIG NA LS
TERMS and DISCLOSURES