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BlackBay Futures Group: Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (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. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

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The statements opinions and analyses presented in this commentary are provided as a general information and education service only. Opinions, estimates and probabilities expressed herein constitute the judgement of the author as of the date indicated and are subject to change without notice. Nothing contained in this commentary is intended to be, nor shall it be construed as investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your investment advisor to determine the suitability of any investment. BlackBay Capital Advisors shall not be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.