My first Rum need help already

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I put on a batch of half and half sugar/molasses ( 5g water, 4 kg sugar about 8 cups molasses with turbo from Mile Hi) first week went great lots of yeast action now it subsided I racked it into a secondary carboy decided to test for sugar and alcohol, to my surprise sugar reads 1.03 or (1/30) but alcohol shows nothing at all. I can smell it however smells pretty strong already, I dare not taste it though.
I guess my questions are what stage am I in with these readings and how long should it take to clear this wash?

Thanks for any response , advise.