The trading program is comprised of a number of trading systems. The method is basically technical and is not based on analysis of fundamental supply and demand factors, general economic factors or anticipated world events, but rather upon a study of actual daily, weekly and monthly price fluctuations, volume variations and changes in open interest. Generally, trade initiations are in the direction of the trend; in some cases, potential trades are not taken if the trend has not been confirmed by other signals. Trade liquidation’s are also generally trend-following, but can be countertrend if the Trading Advisor believes the trend has been exhausted. A discretionary approach is used in the Global Diversified Program which generally involves an increase or decrease in the position size of the portfolio.