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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--August 23

Aug 24, 2012

Thursday Evening, August 23-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: October live cattle closed up $0.45 at
$124.92 today. Prices closed near the session high today
after hitting a fresh three-week low early on. Price action
today did score a bullish “outside day” up on the daily bar
chart as short covering was featured. Lower grain prices
today did encourage some buying interest in cattle. Bulls
and bears are on a level near-term technical playing field.
The bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at last
week’s high of $127.22. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at the August low of
$123.60. First resistance is seen at today’s high of
$125.00 and then at this week’s high of $125.55. First
support is seen at $124.50 and then at $124.00. Wyckoff's
Market Rating: 5.0

October feeder cattle closed up $1.80 at $144.82 today.
Prices closed nearer the session high today and saw more
short covering. Feeder cattle bulls and bears are now back
on a level near-term technical playing field. The next
upside price breakout objective for the feeder bulls is to
push and close prices above solid technical resistance at
last week’s high of $145.95. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $141.00. First
resistance is seen at today’s high of $143.25 and then at
$145.95. First support is seen at $144.00 and then at
$143.50. Wyckoff's Market Rating: 5.0

October lean hogs closed down $0.60 at $72.57 today. Prices
closed near the session low again today and hit another
fresh contract low. Soaring feed costs have pressured the
hog futures market recently. Hog bears have the solid near-
term technical advantage. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at this week’s high of $76.45.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $70.00.
First resistance is seen at today’s high of $73.25 and then
at $74.00. First support is seen at today’s contract low of
$72.40 and then at $72.00. Wyckoff's Market Rating: 1.0

*. GRAINS: December corn futures were down 20 cents at
$8.14 1/2 in late trading today. Prices were near the
session low and pressured by profit-taking and worries
about demand destruction at higher price levels. It was
also a “risk off” day in the market place today, which
pressured most commodity markets, including corn. The corn
bulls still have the overall near-term technical advantage.
Corn bulls' next upside price objective is to push and
close prices above solid technical resistance at the
contract high of $8.49. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at last week’s low of $7.86. First
resistance for December corn is seen at $8.25 and then at
$8.30. First support is seen at today’s low of $8.12 1/4
and then at this week’s low of $8.07 1/4. Wyckoff's Market
Rating: 8.0

November soybeans were down 20 cents at $17.07 3/4 a bushel
in late trading today. Prices were near the session low
after hitting another fresh contract high early on today.
Prices were scoring a bearish “outside day” down today, and
if there is follow-through selling pressure on Friday, then
a bearish “key reversal” down would be confirmed, which
would be one early clue that a market top is in place.
However, there was another key reversal that occurred in
July, which was irrelevant. Some good export demand from
China today failed to ignite the bulls, which is another
bearish clue. Soybean bulls still have the overall near-
term technical advantage. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing November prices above psychological
resistance at $18.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$16.41. First resistance is seen at Wednesday’s high of
$17.34 1/4 and then at today’s contract high of $17.44 3/4.
First support is seen at $17.00 and then at $16.81.
Wyckoff's Market Rating: 8.0.

December soybean meal was down $6.30 at $513.40 in late
trading today. Prices were nearer the session low and
scoring a bearish “outside day” down on the daily bar
chart. Profit taking was featured. Meal bulls still have
the overall near-term technical advantage. Prices are in a
2.5-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $535.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $497.30. First resistance comes in at
$520.00 and then at $525.00. First support is seen at
today’s low of $511.00 and then at $507.50. Wyckoff's
Market Rating: 8.0

December bean oil was down 38 points at 56.45 cents in late
trading today. Prices were near the low after hitting a
fresh four-month high early on today. Profit taking from
recent gains was featured. It was also a “risk off” day in
the market place today, which pressured most commodity
markets, including bean oil. Bean oil bulls still have the
overall near-term technical advantage. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at the
April high of 58.45 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 54.50 cents. First
resistance is seen at 57.00 cents and then at today’s high
of 57.20 cents. First support is seen at today’s low of
56.35 cents and then at 56.00 cents. Wyckoff's Market
Rating: 7.0

December Chicago SRW wheat was down 20 3/4 cents at $8.96
1/4 in late trading today. Prices were nearer the session
low and scoring a bearish “outside day” down on the daily
bar chart today. Profit taking was featured today. It was
also a “risk off” day in the market place today, which
pressured most commodity markets, including wheat. Wheat
bulls still have the overall near-term technical advantage.
However, the choppiness and sideways trading at higher
price levels, amid some higher volatility, is not bullish.
Wheat bulls’ next upside breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at the July high of $9.53 1/4 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below solid technical support at
last week’s low of $8.57 1/4. First resistance is seen at
this week’s high of $9.00 and then at $9.10. First support
lies at today’s low of $8.93 and then at $8.80. Wyckoff's
Market Rating: 6.5.

December K.C. HRW wheat was down 21 3/4 cents at $9.08 1/4
in late trading today. Prices were near the session low and
scoring a bearish “outside day” down on the daily bar chart
today. The bulls still have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the July high of $9.57 1/4. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at last week’s low of $8.74 1/4.
First resistance is seen at $9.20 and then at $9.25. First
support is seen at today’s low of $9.05 3/4 and then at
$9.00. Wyckoff's Market Rating: 6.5

December oats were down 5 1/4 cents at $3.90 1/4 today in
late trading. Prices were near the session low and saw more
profit taking. Oats bulls still have the solid overall
near-term technical advantage and are following the major
grains. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
last week’s low of $3.65. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the August high of $3.98 1/2. First
support lies at today’s low of $3.89 1/2 and then at this
week’s low of $3.83 1/4. First resistance is seen at
today’s high of $3.95 3/4 and then at $3.98 1.2. Wyckoff's
Market Rating: 8.0

*. SOFTS: October sugar closed down 22 points at 19.72
cents today. Prices closed nearer the session low today,
hit a fresh 2.5-month low and scored a bearish “outside
day” down on the daily bar chart today. It was also a “risk
off” day in the market place today, which pressured most
commodity markets, including sugar. Sugar bears have the
solid near-term technical advantage and still have downside
momentum on their side. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at this week’s high of 20.70 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the June low of
19.24 cents. First resistance is seen at 20.00 cents and
then at today’s high of 20.27 cents. First support is seen
at today’s low of 19.56 cents and then at 19.24 cents.
Wyckoff's Market Rating: 1.5.

December coffee closed down 25 points at 161.85 cents.
Prices closed near mid-range again today in quiet trading.
It was a “risk off” day in the market place today, which
pressured most commodity markets, including coffee. Bears
have the solid overall near-term technical advantage.
Prices are in a six-week-old downtrend on the daily bar
chart. The coffee bulls' next upside breakout objective is
to close prices above solid technical resistance at 172.50
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the contract low of 153.70 cents a pound. First resistance
is seen at today’s high of 163.25 cents and then at this
week’s high of 166.60 cents. First support is seen at this
week’s low of 161.05 cents and then at last week’s low of
160.25 cents. Wyckoff's Market Rating: 2.0

December cocoa closed up $5 at $2,385 a ton. Prices closed
nearer the session low today. Cocoa bulls still have the
overall near-term technical advantage. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at the August
high of $2,501. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $2,300. First resistance is seen at
$2,400 and then at today’s high of $2,428. First support is
seen at the August low of $2,364 and then at $2,350.
Wyckoff's Market Rating: 6.0

December cotton closed down 17 points at 76.80 cents today.
Prices closed near the session high. Cotton bulls still
have the near-term technical advantage. Prices are in a
2.5-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at 80.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at this week’s low of 73.30 cents. First resistance
is seen at this week’s high of 77.49 cents and then at
78.00 cents. First support is seen at today’s low of 75.63
cents and then at 75.00 cents. Wyckoff's Market Rating: 6.0

November orange juice closed down 290 points at $1.1930
today. Prices closed near mid-range today and saw profit
taking. Bulls still have the overall near-term technical
advantage in November FCOJ. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.2500. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.1000.
First resistance is seen at today’s high of $1.2180 and
then at this week’s high of $1.2275. First support is seen
at today’s low of $1.1725 and then at $1.1600. Wyckoff's
Market Rating: 6.0.

November lumber futures closed up $1.90 at $293.10 today.
Bulls have the overall near-term technical advantage. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at $290.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at last week’s contract high of
$308.00. First resistance is seen at today’s high of
$294.00 and then at $295.00. First support is seen at
today’s low of $291.50 and then at $290.00. Wyckoff's
Market Rating: 6.0

*. METALS: December gold futures closed up $32.70 an ounce
at $1,673.10 today. Prices closed nearer the session high
today and hit a fresh nearly four-month high. Safe-haven
demand for gold has surfaced this week. Bulls have good
upside technical momentum as prices have seen a bullish
upside “breakout” from a choppy and sideways trading range
that had been in place on the daily chart for nearly three
months. Gold prices have actually been trending higher in a
very choppy fashion since mid-May. The gold market bulls
have the overall near-term technical advantage. The gold
bulls’ next upside price breakout objective is to produce a
close above psychological resistance at $1,700.00. Bears'
next near-term downside price objective is closing prices
below solid technical support at this week’s low of
$1,611.80. First resistance is seen at the May high of
$1,678.60 and then at $1,687.40. First support is seen at
$1,660.00 and then at today’s low of $1,654.50. Wyckoff’s
Market Rating: 6.5

September silver futures closed up $0.954 an ounce at
$30.51 today. Prices closed nearer the session high again
today and hit a fresh nearly four-month high. This week’s
price action in silver has produced a big and bullish
upside breakout from a sideways and choppy trading range
that had been in place on the daily bar chart. Silver bulls
have the solid overall near-term technical advantage and
have good upside momentum. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $31.50 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $28.50. First resistance is seen
at today’s high of $30.79 and then at $31.00. Next support
is seen at $30.00 and then at today’s low of $29.76.
Wyckoff's Market Rating: 7.0.

September N.Y. copper closed up 215 points at 347.60 cents
today. Prices closed nearer the session low today and did
hit a fresh four-week high early on. Copper bulls and bears
are on a level near-term technical playing field. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at the July
high of 355.65 cents. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the August low of 328.85 cents. First
resistance is seen at 350.00 cents and then at today’s high
of 351.20 cents. First support is seen at today’s low of
346.25 cents and then at 345.00 cents. Wyckoff's Market
Rating: 5.0.

*. ENERGIES: October crude oil closed down $1.27 a barrel
at $95.98 today. Prices closed nearer the session low today
and saw profit taking after hitting a fresh four-month high
early on. Prices also scored a bearish “outside day” down
on the daily bar chart. It was also a “risk off” day in the
market place today, which pressured most commodity markets,
including oil. Crude oil bulls still have the overall near-
term technical advantage. A seven-week-old price uptrend is
in place on the daily bar chart. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above major psychological resistance at
$100.00 a barrel. The next near-term downside price
breakout objective for the crude oil bears is to produce a
close below solid technical support at $92.00. First
resistance is seen at $97.00 and then at $97.85. First
support is seen at today’s low of $95.75 and then at
$95.00. Wyckoff's Market Rating: 6.0

October heating oil closed down 36 points at $3.1336 today.
Prices closed nearer the session low today after hitting a
fresh 3.5-month high early on. Bulls have the overall near-
term technical advantage. Prices are in a two-month-old
uptrend on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at $3.2000. Bears' next downside price
breakout objective is producing a close below solid
technical support at $2.9600. First resistance lies at
today’s high of $3.1685 and then at $3.2000. First support
is seen at $3.1124 and then at $3.1000. Wyckoff's Market
Rating: 7.5.

October (RBOB) unleaded gasoline closed down 2 points at
$2.9381 today. Prices closed nearer the session low and hit
another fresh 4.5-month high today. Bulls have the overall
near-term technical advantage. Prices are in a two-month-
old uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at $3.0000. Bears' next downside
price breakout objective is closing prices below solid
support at $2.6750. First resistance is seen at today’s
high of $2.9760 and then at $3.0000. First support is seen
at today’s low of $2.9297 and then at $2.9000. Wyckoff's
Market Rating: 8.0.

October natural gas closed up 0.3 cents at $2.865 today.
Prices closed nearer the session high today and more saw
short covering. Prices hit a fresh seven-week low early on
today. Bulls and bears are on a level near-term technical
playing field. The next upside price breakout objective for
the bulls is closing prices above solid technical
resistance at $3.00. The next downside price breakout
objective for the bears is closing prices below solid
technical support at $2.50. First resistance is seen at
$2.95 and then at $3.00. First support is seen at $2.80 and
then at today’s low of $2.722. Wyckoff's Market Rating:
5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 36 points at 1.2568 today. Prices closed
near mid-range today and hit another fresh six-week high.
The Euro bulls now have the slight near-term technical
advantage. Prices are in a four-week-old uptrend on the
daily bar chart. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at 1.2700. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.2245. First resistance for the
Euro lies at today’s high of 1.2593 and then at 1.2650.
Next support is seen at today’s low of 1.2527 and then at
1.2500. Wyckoff's Market Rating: 5.5

The September Japanese yen closed down 8 points at 1.2745
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the July high of 1.2854. Bears' next
downside breakout objective is closing prices below solid
technical support at this week’s low of 1.2556. First
resistance is seen at this week’s high of 1.2778 and then
at 1.2800. First support is seen at today’s low of 1.2708
and then at 1.2650. Wyckoff's Market Rating: 6.5.

The September Swiss franc closed up 32 points at 1.0468
today. Prices closed near mid-range and hit another fresh
six-week high today. The market saw more short covering and
bargain hunting. The bulls now have the slight near-term
technical advantage. Prices are in a four-week-old uptrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0600. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0201. First resistance is seen at
today’s high of 1.0488 and then at 1.0500. First support is
seen at today’s low of 1.0431 and then at 1.0400. Wyckoff's
Market Rating: 5.5.

The September Australian dollar closed down 65 points at
1.0421 today. Prices closed nearer the session low today on
profit taking. Bulls still have the solid overall near-term
technical advantage. Prices are in an 11-week-old uptrend
on the daily bar chart, but now just barely and the bulls
need to show fresh power soon. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at the August contract high of 1.0578. The next
downside breakout objective for the bears is to produce a
close below solid technical support at 1.0250. First
resistance is seen at 1.0500 and then at today’s high of
1.0523. Next support is seen at last week’s low of 1.0383
and then at 1.0300. Wyckoff's Market Rating: 7.5

The September Canadian dollar closed down 29 points at
1.0059 today. Prices closed nearer the session low today.
More profit taking was featured. Bulls still have the solid
near-term technical advantage. Prices are in an 11-week-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the April high of 1.0168. The next downside
price breakout objective for the bears is closing prices
below solid technical support at .9950. First resistance is
seen at today’s high of 1.0111 and then at this week’s high
of 1.0155. First support is seen at today’s low of 1.0046
and then at 1.0000. Wyckoff's Market Rating: 7.5.

The September British pound closed down 5 points at 1.5861
today. Prices closed near the session low today and did hit
a fresh four-month high early on. Bulls still have the
near-term technical advantage. Prices this week have seen a
bullish upside breakout from a well-defined trading range.
Prices are also in a gentle four-week-old uptrend on the
daily chart. The next upside price breakout objective for
the bulls is closing prices above solid technical
resistance at 1.6000. Bears' next downside technical
breakout objective is closing prices below solid support at
this week’s low of 1.5676. First resistance is seen at
today’s high of 1.5912 and then at 1.6000. First support is
seen at 1.5800 and then at 1.5750. Wyckoff's Market Rating:
6.5.

The September U.S. dollar index closed down 12 points at
81.37 today. Prices closed near mid-range today and hit a
fresh three-month low today. The bears have the slight
near-term technical advantage. Prices are in a four-week-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at 83.00. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at the June low of 81.39.
Next resistance lies at today’s high of 81.53 and then at
82.00. First support is seen at today’s low of 81.22 and
then at 81.00. Wyckoff's Market Rating: 4.5.

September U.S. T-Bonds closed up 26/32 at 148 13/32 today.
Prices closed nearer the session high again today and saw
more short covering and fresh safe-haven buying interest on
fresh ideas there will be QE3, following Wednesday’s FOMC
minutes. It was also a “risk off” day in the market place
today, which pressured most markets, but supported U.S.
Treasuries. Bulls have the overall near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at this week’s low of 145 3/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at last week’s high of 149
9/32. First resistance is seen at today’s high of 148 19/32
and then at 149 even. First support is seen at 148 even and
then at today’s low of 147 21/32. Wyckoff's Market Rating:
6.0.

September U.S. T Notes closed up 10.5 (32nds) at 133.20.5
today. Prices closed nearer the session high again today
and saw more short covering and fresh safe-haven buying.
Bulls have the overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at last week’s high
of 133.27.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at last week’s low of 132.05.0. First resistance is
seen at 133.27.5 and then at 134.00.0. First support is
seen at today’s low of 133.10.0 and then at 133.00.0.
Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on some more profit taking from recent gains.
Stock index bulls still have the solid near-term technical
advantage. It was a “risk-off” trading day in the overall
market place today, whereby many markets traded lower amid
heightened trader and investor uncertainty. The market
place continues to digest Wednesday afternoon’s somewhat
surprising contents of the minutes of the last FOMC
meeting. FOMC members said they are ready to implement
further monetary stimulus measures should the U.S. economy
show more weakness. The minutes were bullish for most
commodity markets, while putting downside pressure on the
U.S. dollar index and stock indexes. The bullishly
construed FOMC minutes from Wednesday were tempered
Thursday when St. Louis Fed president Bullard said those
minutes were “stale” and laid forth an argument that fresh
quantitative easing may not be necessary. However, Bullard
is considered a monetary policy hawk, and admitted on CNBC
television that some of his forecasts this year “were not
his finer moments.” In overnight news, Asian stocks rallied
on the renewed hopes for a U.S. monetary stimulus package.
However, there was a weaker-than-expected manufacturing
sector report coming out of China Thursday. The HSBC
manufacturing purchasing managers’ index came in at the
lowest reading in nine months. European stocks backed down
from their daily highs when the European Union reported its
own weak purchasing managers’ index Thursday, which
suggests the EU is slipping back into economic recession.
Those reports also helped pressure many commodity markets
and the U.S. stock market Thursday.

The Nasdaq stock futures index closed down 19.25 at
2,761.50. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 2,850.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at 2,650.00. First resistance is
seen at today’s high of 2,792.50 and then at this week’s
high of 2,802.50. First support is seen today’s low of
2,754.00 and then at 2,743.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 12.30 at 1,400.00.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1,450.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the August low of 1,350.00. First
resistance is seen at today’s high of 1,417.90 and then at
this week’s high of 1,424.60. First support is seen at
today’s low of 1,398.00 and then at 1,388.00. Wyckoff's
Market Rating: 6.5.

The Dow futures closed down 111 points at 13,045 today.
Prices closed nearer the session low today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the August low of 12,730. First
resistance in the Dow lies at today’s high of 13,090 and
then at 13,150. First support is seen at today’s low of
13,031 and then at 13,000. Wyckoff's Market Rating: 6.5.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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