Conover Investments LLC
 A Commodity Trading Advisor (CTA)
The Oil Program
The following is a description of Conover Investments Oil Trading Program. The exact nature of the program is proprietary and confidential. The following description is intended to be general.

The Conover Investments LLC Oil Program is a discretionary approach to futures trading. This program has been continually enhanced over the years to a point where it usually trades once per day and only in the ICE Brent Oil market. However, at times it may be necessary to trade WTI Crude Oil on Globex or to trade more than once per day. The program does not trade options and does not trade on foreign exchanges. All trades are initiated and liquidated on the same day and no overnight positions are ever maintained. The decision to trade is based upon historic performance but primarily relies upon the previous day’s market prices and related short term trading patterns. After the close on any given day it is known as to whether or not a trade will be initiated on the following business day. It is possible that several days may pass before a signal to trade is received. After initiating a trade the market is monitored very closely to make sure that no extraordinary events occur and thus adversely affect the position. By applying this disciplined short term approach risk is limited to a specific time frame during the trading day with no exposure to the overnight markets. 

Conover Investments trading model is primarily embedded in technical analysis. Technical analysis is based upon the theory that a study of the markets themselves will provide a means of anticipating the external factors that affect the supply and demand of a particular commodity in order to predict future prices. Technical analysis postulates that the marketplace itself represents the collective judgment of a larger number of traders and analysis concerning the value of any particular commodity interest. By analyzing market characteristics (as opposed to underlying economic forces) that have not yet been directly reflected in price levels, it may be possible to predict future price moves. Furthermore, technical analysis generally holds that, irrespective of basic economic forces, markets have dynamism of their own which is wholly outside the scope of fundamental analysis that should be reflected in any trading approach. Accordingly, technical analysis generally focuses on a detailed study of such data as actual daily, weekly and monthly price fluctuations, trading volume variations and change in open interest, as the most effective means of attempting to predict price movements. Technical traders frequently utilize charts and computers for analysis of these items, including a series of mathematical measurements and calculations deigned to monitor market activity for the particular trading strategy. Trading recommendations are based on signals generated by charts, manual calculations or computers. Technical trading approaches may incorrectly analyze the effect of various market forces or price trends, particularly as technical analysis is typically based on historical market activity. Such analysis may not in fact be applicable to the current markets (which many perceive as undergoing rapid and significant changes) and may be of little use when fundamental factors, particularly unexpected occurrences, such as certain governmental interventions, dominate the market.

Although there can be no guarantee that trading will be successful and that clients will not experience losses, Conover Investments strives to provide superior returns and to minimize draw downs. Conover Investments conducts continuous research on both existing and potential strategies and market opportunities in the futures markets. The Advisor’s investment objective is to achieve substantial returns and diversification along with low correlation to the general equities markets and an improved risk/reward profile. Conover Investments main goal is to create consistent returns on a monthly basis while keeping draw downs to an absolute minimum.

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