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The ETF Tipping Point Trading system is a completely mechanical system for trading in bull or bear markets using ETFs for the major sectors. A mechanical trading system has set rules, is not subject to discretionary rules and emotions, and is computer-driven. You dont have to sit at the computer for hours on end babysitting your trades. This is a system the keeps you from being chained too your desk, and it frees you up to do other things that are important to you.

What kind of results has the ETF Tipping Point Trading System Produced?

Box Score

ETF Tipping poinTTrading SySTEm

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Since January 1, 2007 this system has averaged a 4.03 percent monthly return across 9 sectors through bear and bull markets. These results werent home runs generating huge overnight profits. Rather, it was the accumulation of repeatable trades that accrued consistent and reliable profits over time.

What would have happened if you had invested $10,000 on January 1 2007 into the nine ETFs shown above? Heres what would have happened in the DIA sector:

If you compounded an initial $10,000 in the DIA sector, reinvesting your profits from your first trade into your second trade and so on, then your initial investment would have grown to just over $140,000. Even if you decided not to compound, and invested the same amount of money on every trade, your initial $10,000 investment would have grown to $40,000.

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If you compounded a $10,000 investment on the SPY, you would have realized an $85,000 return

The KBE Finance ETF which is the most volatile, returned $900,000 on a $10,000 investment.

The Gold Index had a $400,000 compounded return on a $10,000 initial investment.

The XOI Oil Index had a $140,000 compounded return on a $10,000 initial investment.

The Semiconductor Index had a $160,000 compounded return on a $10,000 initial

investment.

The QQQ returned $100,000 compounded.

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The Real Estate Index had almost a $900,000 compounded return on a $10,000 initial

investment.

The Materials Index had a $250,000 compounded return on a $10,000 initial

investment.

If you had invested $10,000 into each of these nine sectors on January 1, 2007, your $90,000 initial investment would have grown into $3,042,497 with compounding. Thats a 33 times increase on your initial investment.

If you decided not to compound, and just made equally weighted trades with ZERO compounding, then your $90,000 initial investment would have grown to $407,180 a 4.5 times increase.

In both of these scenarios, commissions have been factored into the equation.

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WhaT iS an ETF?

An ETF is an Exchange Traded Fund. A basic ETF is an artificial index created to EXACTLY mimic the underlying basket of stocks, without a lot of changing whats in the basket. That is why transaction costs are minimal.

There is no management fee. Prices fluctuate just as the underlying does. You dont have a Fund Manager doing stock picking. For example, if you look at the DOW 30 stocks, they are represented by an ETF with DIA as its symbol.

From a simplistic standpoint, if you were to buy all of the stocks in the DOW 30 and average their gains and losses, then at the end of the day you would come up with a composite price equaling the sum of all of the individual parts. Divide that by 100 and put it on an exchange, and now you have the DIA, which can be traded like a stock.

The same is not exactly true for products called Double and Triple ETFs. These products must use futures, options and other hedge vehicles to attempt to make multiples of the underlying on a very short-term (1 day) basis as their goal. Some are better than others, and have become very efficient even over an extended period of time. But not all ETFs are created equal. Just because an ETF says it is a Double or Triple Index does not mean it will work close to that way for anything but day trading.

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To show you how closely ETFs track with the markets they are designed to mimic, lets take a look at the DOW 30 chart:

Notice how these charts match each other almost to the penny.

Now lets look at the DIA ETF:

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Why Should you TradE ETFS?

For investors and leading financial advisors, ETFs have become an essential portfolio building tool for numerous reasons. Here are just a few of them:

Lower Expenses: ETF expense ratios and other built-in financial costs are consistently lower versus actively managed funds.

Tax efficiency: ETFs are renowned for their low portfolio turnover which generally translates into infrequent tax distributions.

Financial Flexibility: ETFs offer intraday liquidity, which means they can be bought or sold when the financial markets are open for business.

Consistent Market Performance: ETFs linked to major market indexes routinely outperform most of Wall Streets actively managed funds.

Mass Appeal: Whether you are a short term investor looking to hedge or a long term investor who wants to diversify, ETFs are powerful investment tools for all types of investors.

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hoW WE gEnEraTE ThE SignalS

We have had Technical Analysis since the 1960s. In the 50 years since then, there is still no single Holy Grail of indicators that can turn on a green light, telling you it is Time to buy Motorola.

If you go to Barnes & Noble, or any other bookseller, you will find that Larry Williams has filled 3 books with about 60 oscillators for trading. Shouldnt there be just one by now?

The answer is that technical study by itself doesnt work. Lets face it We only have three basic elements to work with and everyone is looking at the same data. Those three elements are Price, Time and Volume.

Everyone scrambles to put their name on a proprietary indicator that attempts to manipulate these elements in a slightly different way to produce a result slightly different

from the next guy. The basic failure of all these systems is simple. They all use moving

averages. You will see standard deviations, Bollinger bands, MACD, Stochastics, Wilders parabolics, triple smoothed exponentials, Aroons and Keltner channels to name a few.

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Even the newbie discovers that moving averages are a gotcha. If they are too short, they get whipsawed and if they are too long they get left behind, missing the market turn. If newbies discover this quickly, then why do veteran traders with 35+ years of experience insist on trying to make these indicators work? Indicators work, in fact they all work.

The problem is that indicators dont work all of the time, and thats where the real expertise lies. Knowing when to use them (uptrends, downtrends, overbought, oversold, etc.) and avoiding them in flat markets. Guess what? The markets are flat 40 percent of the time.

Are you willing to depend on tools that arent reliable 40 percent of the time? The more intelligent that traders think they are, the more likely they are to gravitate back to these indicators, because There must be a way to make them work this time.

For the past 15 years, I have avoided moving averages like the plague for just that reason. Sure I look at Stochastics (my favorite is 5,3,3) but only when Im watching for a trend change and want confirmation. I dont use Candlesticks any more even though I have studied them for over a year. I try to look for those areas that are not being monitored by other folks because that is what, to me makes the difference, I dont want to run with the pack. The pack is invariably wrong!

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Why ThiS SySTEm iS diFFErEnT From oThEr

SySTEmS

1. Start with OPTION-ABLE stocks, options ETFs and indexes. It has been shown that option-able stocks have more investor interest which equates to a better trading vehicle. Generally their prices are more stable and display more investor confidence. By using this simple cull, we reduce the pool to about 3,000 stocks and by nature find stocks that are more liquid. Surprisingly, the average price of a stock with options is just $18.58 vs. stocks with no options averaging $30.60. The volume tells a completely different story, with optional stocks beating non-optional stocks by 18 to 1. Optional stocks have an average of 2.2MM shares per day and non-optional stocks just 119,000!

2. I look at ETFs (which are really just proxies) for their components as a basket of stocks, but these baskets have some basic problems, which will be discussed later.

a) The ETFs and Indexes today are a mish-mash. We have Price Weighted, Market Capitalization Weighted, or Equal Weighted.

The only sensible way to treat these is Equal Weighted. We are trying to look for a sector move which means an incremental move spread across all of the stocks. Any other type of weighting disguises this. So, if we are looking at the SP500, every stock has a 1/500 weight, whether it is priced at $4 or $400. While the index may be moved by a few big cap weighted or price weighted stocks, by removing all weighting, we get to see what the undercurrent is across the entire gamut of stocks.

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3. I look at On Balance volume for the individual stock components that make up the entire ETF. This is easier said than done. Joe Granville introduced the On-Balance Volume (OBV) indicator in his 1963 book, Granvilles New Key to Sock Market Profits. This was one of the first and most popular indicators to measure positive and negative volume flow. The concept behind this indicator is that volume precedes price!

Volume Precedes Price!

The tables shown in the beginning of this discussion produced impressive results based on the premise that volume precedes price. On-Balance Volume (OBV) is a simple indicator that adds a periods volume when the close is up and subtracts the periods volume when the close is down.

A cumulative total of the volume additions and subtractions forms the OBV line. This line can then be compared with the price chart of the underlying security to look for divergences or confirmation.

As stated above, OBV is calculated by adding the days volume to a running cumulative total when the securitys price closes up, and subtracts the volume when it closes down. For example, if today the closing price is greater than yesterdays closing price, then:

The new OBV = Yesterdays OBV + todays volume

If todays closing price is less than yesterdays closing price, then the new OBV= yesterdays OBV, less todays volume.

If todays closing price is equal to yesterdays closing price, then the new OBV = yesterdays OBV.

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The intent of this is to ferret out where the buying and selling pressure is, but its weaknesses are obvious. If we have a strong rally with huge volume, but in the last 15 minutes a selloff occurs and the index we are monitoring goes just slightly negative, then ALL of that volume gets assigned to the negative side of the ledger. Conversely, if there is strong downward volume, and the index turned slightly positive in the last few minutes of trading, then all of that volume would be assigned to the positive side of the ledger.

It doesnt take long to lose track of the true importance of the underlying structure of these potential signals. Heres how I approach it to ameliorate these problems.

ETF Tipping Point A New Dynamic Volume Trend Indicator

I look at every single stock individually that makes up the constituent list of the ETF. That means, for the SP500, I keep a running total throughout the day as to whether there was more buying than selling going on. Every single trade, tick-by-tick.

A massive server farm digests and categorizes data from each constituent stock in all of the ETFs we cover. This might beg the question: How do you know whether there was more buying pressure or selling pressure on a single transaction?

I evaluate the Bid Price and the Ask Price of the trade and if the sale went off closer to the ASK price, then the sellers were willing to hold out for a higher price and buyers were willing to pay extra to insure that they got those shares. Conversely, if the sale went off at the BID price, then it was the sellers who were willing to move their prices down toward the buyers who were in control, able to force the hand of the sellers to reduce their price.

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This then establishes either a positive or negative tick volume which, like Granvilles original idea allowed us to set up with great confidence a more precise measure of where the real power is all day long - With the Buyers or with the Sellers?

At the end of the day, we can now look at a losing day, but we also know that On-Balance it was actually a bullish or bearish move for the majority of the stock. At that point we simply do a cumulative summation for the next 13 sessions and at the end of that time we now have a pretty good idea of what percentage of stocks are advancing on hidden power or failing despite rising prices.

At the end of the day, I know out of 500 stocks in the SP500 how many are on positive footing (greater than 50% with more real accumulation) and how many are on a negative stance. Using the synthetic On-Balance line (aka the ETF Tipping Point), I end up with a high confidence level of trend in play or in flux.

Notice that this is all done without the use of moving averages. Those who have mentored with me know that I absolutely have the greatest disdain for any indicator using moving averages (meaning all of them) as a primary decision making tool.

By the time we get to about 5 hours into the market day, I have a pretty good idea of what the end of the day result will be, irrespective of price. That is why most of the time I will be able to take a glance and know what the end result will be on market close. There is normally enough of an imbalance that it would be virtually impossible for the dynamics to change so much in the last hour and a half of trading to change the signal at that point.

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Since we have collected information over the previous 13 trading days, I also know where each company within the ETF sits in terms of its positive or negative trend. When it switches from Positive to Negative Balance (more than 50% on a negative trend), we then have a SELL signal for that ETF and vice versa.

There are at least 5 different ways we can trade ETF signals. You can pick a method that suits your temperament for risk/reward and Ulcer Index. Here are the basics:

Trade the underlying ETF: (Buying when bullish, Shorting when bearish). Buy or Short the SPY.

Trade the Double ETF: (Like SSO double ETF when bullish or the SDS when bearish)

Buy options on the underlying ETF: (Calls on the SPY when bullish, or Puts on the SPY when bearish)

Buy options on the Double ETF: (Buy Calls on the SSO when bullish or Calls on the SDS when bearish)

* Because the Double ETFs cover both sides of the market, we will always be buying Call options for the direction we are trading. (We will help here by actually providing the option for you to buy in the daily trading signals).potential can increase remarkably if you want to put in a little extra work.

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Trade the Best in Show stocks in the individual component lists. Every day, we rank all of the component stocks within the ETF by its performance against the underlying index. For the SP500, we call the SPY zero, and then rank all 500 stocks by their recent performance. Usually this means that you can find stocks that are outperforming by 8-15 percent. If you are right on the direction of the ETF, these stocks are the primary drivers for that gain and therefore will consistently give you better gains. These are optional of course, and your profit

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lETS Walk Through ThE WholE procESS.

iT juST TakES 3 STEpS:

1. Watch for signals notifications after 12:30PM (PST) or 3:30PM (EST). Use our text and email service to make it hands-off for you. You can trade the next morning if you cant see or trade during the day, but you will lose some advantage in returns.

2. Buy or Short the ETF: Or buy call/puts. Or buy the Double ETF or Double Inverse ETF. Or you can buy Call/Puts on the doubles.

3. Hold that position until you receive a signal to reverse, or until stopped out. You could be in a cash position if your trade gets stopped out. In that case, wait for the next signal, and re-enter the market. An ETF is either bullish or bearish. If you are only comfortable playing to the upside, then only trade when you get a Bullish signal and go to cash for that ETF when you get a Bearish signal.

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To recap, every day at 3:30 EST will send out an alert as to the status of where we believe signals will be by the end of the trading day. This is posted on our blog, but we will also send it to you via email and text message! And heres what you get:

This is the core of the ETF Tipping Point System. The daily alerts list the following:

Each of the nine ETFs that we cover Current signal direction Current signal direction for Double ETFs Current Profit and Loss Options to Buy

Depending upon your choice, you would either BUY the ETF or options on the ETF or the suggested alternative double shares or their options. In the example above, the DDM is the double ETF for the DOW Industrials.

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Notice that we have given you the suggested option. This is chosen by our proprietary options engine and is the best trading choice at the time of the signal.

For current pricing, if you click on the option signal, you will be taken to Yahoo for 20 minute delayed bid/ask pricing. For order placement you need to consult your trading platform for the latest up-to-date pricing. The purpose is to get you in the ball park.

Once again, here are the Single ETFs we cover:

Dow Industrials (DIA) put/call options available

SP500 (SPY) put/call options available

Banking Index (KBE) - put/call options available

Nasdaq (QQQ) - put/call options available

Oil Index (XOI) - put/call options available

Gold (We use HUI for our signals, but trade GLD) - put/call options available

Semiconductors (SMH) - put/call options available

Real Estate (IYR) - put/call options available

Materials (XLB) - put/call options available

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Double share or ULTRA share trading:

Dow IndustrialsBullish (DDM) Call options availableBearish (DXD) - Call options available

SP500Bullish (SSO) - Call options availableBearish (SDS) - Call options available

Oil IndexBullish (DXO)Bearish (DTO)

SemiconductorsBullish (USD) - Call options availableBearish (SSG) - Call options available

Dow IndustrialsBullish (DDM) Call options availableBearish (DXD) - Call options available

Banking IndexBullish (UGY) - Call options availableBearish (SKF) - Call options available

Gold IndexBullish (DGP)Bearish (DZZ)

Real EstateBullish (URE) - Call options availableBearish (SRS) - Call options available

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Buying ETFS WiTh opTionS

We use our proprietary options engine to identify the best options available at the time of our signal. To summarize how we select options, we look for options that are four to six months out that are already in the money.

They also typically have a Delta of 70-75.Our preferred method of trading is to use the second column which is options on the Double ETFs. While the 2X dont always perform double the 1X index, they do generally perform better.

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For those who have not traded options before, some words of caution and encouragement. Done properly, I believe that options actually carry less risk than the underlying stock.

There are dozens of options courses you can take that run anywhere from $1,500 to $7,500 that will teach you basically the same thingHow to lose your money less slowly. By the time newbies reach 6 months, 93% will never trade an option again, giving up their dreams of easy riches. But we will still be around, and in a game that has 93% losers, that also means there is 7 percent keeping all of the money. And that is where we want to be!

What goes wrong when people trade options? Initially, everyone is obsessed with the fair value of the option as it approaches expiration. You are taught to look for the cheap mispriced options that will hopefully double their money in the last three weeks.

And so you plunge for 10 contracts of Acme Rubber that is out of the money with 3 weeks to run. At 35 cents each, that equates to $350 to control the equivalent of 1,000 shares of stock. Three weeks go by and your mispriced option is now worth 70 cents on expiration day. You doubled your money and kick yourself for not buying $7,500 or $10,000 worth. The only problem is that may be the last time you are lucky enough or talented enough to pick that kind of winner. Just like first time Vegas gamblers you never win again.

I couldnt care less if an option is mispriced. I dont want to hold it until expiration. I only want to rent it for a while and then I want to sell it to somebody else so THEY can hold it until expiration.

I buy options that are at least 4-6 months away from expiration and I will NEVER hold it closer than one month until expiration. I do this even if I only expect in the trade for a month. I have to pay a premium to buy it this many months away, but I will get most or all of the premium back when I sell it to the next person.

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By renting the stock by buying options this way, I am just using the option as a proxy for the stock and I receive gains without the obligation. My risk is totally limited to my investment.The number one mistake people make in buying options (outside of buying too close to expirations, so they are forced to liquidate or take a total loss) is investing too much in the option.

Lets say I was going to buy $10,000 of each ETF. If I bought all 9 ETFs, that would be $90,000. Now, lets say instead, I took $9,000 or just 10% of that capital and invested it in options to control the same number of ETF shares.

If I lost every single position through some fluke of bad luck, or maybe Goldman Sachs filed for bankruptcy, I would lose a total of $9,000. If I used a 10 percent stop on the $90,000 equity position would also lose $9,000a wash. But I only risked 10% of my capital to do it and I live for another day.

When you buy far into the future, you get the majority if not all of your premium back AND you get the gains you were looking for without the risk.

Most people look at daily options fluctuations and get strange beasts crawling around in the pit of their stomachs. But if you evaluate your losses in terms of the fraction you have invested, then there is no reason to lose sleep.

A position that you invested 10% ($1,000) of what you would have put into the equity ($10,000) that loses 30% on an option really cost you just 3% of $10,000 or $300. That means I would have actually lost just 3% of my total available capital. I can do that all day. The lesson? Do not over-invest!

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Buy enough to return to you what you would expect to make on a stock-only purchase. There is enough compounded leverage in the system to make everything you need. If that makes your head swim and you dont want to leap into options, then just note the bid/ask price when you buy the underlying and track what your potential profit/loss would be if you traded options. You will soon become a believer.

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WhaT aBouT BEST-in-claSS

Buying?

Lets say we get a signal to BUY in the HUI. We know that there are 15 stocks within the HUI, so this Basket allows us to spread the risk among 15 stocks, so we cant get into too much trouble. The problem is that we have bought into the mediocrity of the index. While we have some hot performers leading the pack, there are also some dogs degrading overall performance. The real question then becomes How do I pick the best stock in the sector to purchase?

Intuitively I know that if a sector has 18-30 stocks, there will be some superstars and there will be some dogs. What we want to find out is how the individual stocks have been performing when the sector has been rallying, and pick the best of those stocks. If we buy the entire sector, which is certainly easier, we are buying the dumbed-down version that also includes several dogs, thus lowering the returns on average. Out of 20 stocks within the ETF, there are probably about a half-dozen superstars that are responsible for most of the gains.

Back in November 2007, the Nasdaq Tech Index was up 26% for the year. 76 percent of the gains in that 100 stock index were just from 4 stocks (AAPL, GOOG, AMZN, and RIMM). That means if you bought the QQQ, you had at least of the stocks underperforming and pulling down the performance of that ETF! So, how do you find these superstars when the entire sector is moving to the upside?

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Notice the constituent stocks in the DIA are ranked by their performance, so its easy to separate the superstars from the dogs. I want to spread the risk, so I buy the top 3 superstars (AA, CVX, BA). Any one of these stocks can run into trouble, so I buy 2 or 3 of the best and if one gets in to trouble, then the others benefit as they take up the slack in the investor pool.

On the far right column of the Components screen there is a column for Options. Each stock with options has a diamond shaped icon in that column. By clicking on the appropriate diamond, you will be taken to a page where we will give you the best options to BUY right now. Note that the best options might change every day, so dont expect to see the same option listed there that you purchased the previous day.

I still advocate buying more than one of the leaders regardless of which sector you trade, because there are always occasional slips and you dont want all of your eggs in one basket. If you have 3 eggs in your basket, and you lose one of them, then the others will likely pick up the slack with better performance.

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How are the stocks ranked? We look over the past 10, 15, 20 and 30 days and weight the gains in each of those ranges with the heaviest weighting given to the past 10 days, and then we halve the gains for each successive period. Add them together and rank each stock against the index. Simple as that. You will generally see 15 percent better gains using the Best-In-Class stocks as opposed to simply buying the ETF.

This system is normally too volatile to chase and there is not any time to wait for confirmation. You will notice in the closed trades list that the average trade length is about 12 days, but there are quite a few trades that lasted 1-4 days. Right now, we are in an across the board advance which is market driven, not sector driven, so without doing some underlying analysis it would be counterproductive. The idea was to provide people a completely mechanical vehicle. If you have the skill set to reliably forecast market trends, then you could pick and choose which signals to take and when to take them. For the most part, that defeats the proposition of removing emotion from trading.

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It is important to note that the results shown here were based solely on single ETFS. There were no Double ETFs, Options or Best-In-Class trades influencing these returns. This is as basic as it gets.

We picked the period starting January 2007 so that it would encompass a raging bull market until November 2007, when the market began its horrific slide leading to the recover rally off the bottom in March 2009. In back testing, we have gone back as far as 1993 for some of the ETFs. We selected 2007 because we have data on the ETFs we cover back through that time period.

As this system was developed, I ran it on SP500 data going back to 1966. Only then did I run it against the other 8 ETFs you see without any modification or compensation for the sector being traded. We only took the history for the rest of the ETFs back to 2007 because it was the first time there were viable and tradable ETFs for across the board, apples to apples comparison with sufficient volume. More ETFs may be added in the future as they become viable.

Lets go back to our original table from January 1 2007 to April 2014:

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Many more changes will be made to this system and feedback is always welcome. Please let us know about any enhancements that you would like to see, and the will be added to the to do list if they provide benefit for all!

Be sure to tune in for an actual 90 minute demonstration of the ETF Tipping Point System by clicking the link below:

http://www.etftippingpoint.com

Warmly,

Kirt Christensen122 N. Raymond,Suite 3Spokane Valley, WA 99206509-720-7867

(Feel free to call the office if you have any questions, or if youre in the area, our office is less than a block off of Sprague, the main road running through Spokane Valley, so were easy to find!)

PS - Yes, you can trade this in retirement accounts (ROTH IRAs, Regular IRAs, CoverDell IRAs, some 401ks, etc.)Yes, it will work on small amounts of capital as well.I turned a measly $3,000 in my 3 year olds education IRA into $4,500 in 120 days -- and thats just the beginning.

PPS - Yes, its safe, as far as investments go, well talk more about it, but were doing the exact same thing that an investment advisor would tell you to do...BUT were not just doing the buy and hold for 30 years.Were taking advantage of BOTH sides of the market.Consult your own investment advisor, Im not a registered investment advisor, nor ever want to be :)

http://etftippingpoint.com/webinar/webinar-register.php?trackingID1=Root-Domain

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Disclaimer:

ETFTippingPoint.com is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves.

The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Companys website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses.

Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which can be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Companys products (collectively, the Information) are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Companys website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments.

You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.