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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Dec. 27

Dec 28, 2012

Thursday Evening, December 27-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: February live cattle closed down $0.72 at
$133.05 today. Prices closed near mid-range today in quiet,
holiday trading. The key “outside markets” were mildly
bearish for the cattle market today as the U.S. dollar
index was firmer and crude oil prices were weaker. Cattle
bulls still have the solid near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart. The bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at the December high of $134.40. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $132.00.
First resistance is seen at today’s high of $133.55 and
then at $134.00. First support is seen at last week’s low
of $132.75 and then at $132.50. Wyckoff's Market Rating:
7.5

March feeder cattle closed down $1.12 at $153.75 today.
Prices closed near the session low today and hit a fresh
two-week low on more profit taking. The feeder bulls still
have the overall chart advantage. A bullish pennant pattern
has formed on the daily bar chart. 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 $157.07. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $152.50. First resistance is
seen at today’s high of $154.60 and then at $155.00. First
support is seen at $153.00 and then at 152.50. Wyckoff's
Market Rating: 6.0

February lean hogs closed down $0.42 at $87.02 today.
Prices closed nearer the session high and saw some profit
taking from recent solid gains. The key “outside markets”
were mildly bearish for the hog market today as the U.S.
dollar index was firmer and crude oil prices were weaker. A
three-month-old uptrend is in place on the daily chart. The
bulls still 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
the November contract high of $88.25. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $85.00. First resistance
is seen at $87.40 and then at this week’s high of $87.77.
First support is seen at today’s low of $86.65 and then at
$86.00. Wyckoff's Market Rating: 7.5

*. GRAINS: March corn futures were down 2 1/2 cents at 6.90
3/4 in late trading today. Prices were nearer the session
low and poised to close at a fresh 6.5-month low close. The
key “outside markets” were mildly bearish for the corn
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. There has been a lack of fresh,
bullish fundamental news in the corn market to fuel the
bears recently. However, it’s my bias that some fresh,
speculative money will start to move into the grain futures
markets on the long side as the new year gets under way.
Corn bears have the near-term technical advantage. Prices
are in a four-week-old downtrend on the daily bar chart.
Corn bulls' next upside price objective is to push and
close prices above solid technical resistance at $7.25. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.75. First resistance for March corn is seen at today’s
high of $6.95 1/2 and then at $7.00. First support is seen
at last week’s low of $6.87 1/2 and then at $6.80.
Wyckoff's Market Rating: 3.5

March soybeans were down 6 1/2 cents at $14.12 a bushel in
late trading today. Prices were near the session low. The
key “outside markets” were mildly bearish for the soybean
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. Soybean bears have the near-term
technical advantage. A minor bear flag pattern has formed
on the daily bar chart. However, my bias is that some fresh
speculative money will flow into the grains on the long
side as the new year gets under way. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing January prices above solid technical
resistance at $14.75 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical and psychological support at
$14.00. First resistance is seen at today’s high of $14.29
1/2 and then at this week’s high of $14.43. First support
is seen at $14.00 and then at last week’s low of $13.97
3/4. Wyckoff's Market Rating: 3.5.

March soybean meal was down $2.50 at $425.90 in late
trading today. Prices were near the session low. Bears have
the near-term technical advantage. A minor bear flag has
formed on the daily bar chart. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $445.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
November low of $405.50. First resistance comes in at
$430.00 and then at today’s high of $431.60. First support
is seen at last week’s low of $423.20 and then at $420.00.
Wyckoff's Market Rating: 3.5

March bean oil closed was down 6 points at 48.64 cents in
late trading today. Prices were nearer the session low. The
key “outside markets” were mildly bearish for the bean oil
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. The bean oil bears have the solid
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
51.00 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at the November low of 47.35 cents.
First resistance is seen at 49.00 cents and then at this
week’s high of 49.49 cents. First support is seen at
today’s low of 48.51 cents and then at last week’s low of
47.92 cents. Wyckoff's Market Rating: 2.5

March Chicago SRW wheat was down 3 1/4 cents at $7.71 1/4
in late trading today. Prices were near mid-range and hit
another fresh six-month low today. The key “outside
markets” were mildly bearish for the wheat market today as
the U.S. dollar index was firmer and crude oil prices were
weaker. Wheat bears have the near-term technical advantage.
A seven-week-old downtrend is in place on the daily bar
chart. Wheat bulls’ next upside breakout objective is to
push and close Chicago SRW prices above solid technical
resistance at last week’s high of $8.22 3/4 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $7.50. First resistance is seen at
today’s high of $7.78 and then at $7.85. First support lies
at today’s low of $7.64 1/2 and then at $7.54 1/2.
Wyckoff's Market Rating: 3.0.

March K.C. HRW wheat was down 2 3/4 cents at $8.21 3/4 in
late trading today. Prices were near mid-range and hit a
fresh six-month low today. HRW bears have downside momentum
and have the overall near-term technical advantage. Bulls’
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $8.50. The
bears' next downside breakout objective is pushing and
closing prices below psychological support at $8.00. First
resistance is seen at today’s high of $8.29 1/2 and then at
$8.40. First support is seen at today’s low of $8.15 3/4
and then at $8.00. Wyckoff's Market Rating: 3.0

March oats were down 5 1/2 cents at $3.54 1/2 in late
trading today. Prices were nearer the session low and hit a
fresh six-month low today. Oats bears have the near-term
technical advantage and gained more downside momentum
today. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
$3.40. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.75. First support lies at today’s low of $3.51 3/4
and then at $3.50. First resistance is seen at today’s high
of $3.60 1/2 and then at $3.65. Wyckoff's Market Rating:
4.0

*. SOFTS: March sugar closed up 40 points at 19.45 cents
today. Prices closed nearer the session high today and hit
a fresh three-week high on short covering and bargain
hunting. Sugar bears still have the overall near-term
technical advantage. However, follow-through buying and a
bullish weekly high close on Friday would provide the bulls
with upside momentum and it would also be an early clue
that a near-term market bottom is in place. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the November high of
20.03 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at the December low of 18.31 cents. First resistance is
seen at today’s high of 19.55 cents and then at the
December high of 19.94 cents. First support is seen at
19.25 cents and then at 19.00 cents. Wyckoff's Market
Rating: 2.5.

March coffee closed down 40 points at 147.90 cents in quiet
trading today. Prices closed near mid-range. The key
“outside markets” were mildly bearish for the coffee market
today as the U.S. dollar index was firmer and crude oil
prices were weaker. The coffee bears still have the solid
overall near-term technical advantage. Prices are in a
three-month-old downtrend on the daily bar chart. The next
upside breakout objective for the bulls is to close prices
above solid technical resistance at 150.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 135.00 cents a
pound. First resistance is seen at this week’s high of
148.95 cents and then at 150.00 cents. First support is
seen at 145.00 cents and then at 143.00 cents. Wyckoff's
Market Rating: 1.5.

March cocoa closed down $6 at $2,257 a ton. Prices closed
nearer the session low, hit another fresh five-month low
today and scored a bearish “outside day” down on the daily
bar chart. The key “outside markets” were mildly bearish
for the cocoa market today as the U.S. dollar index was
firmer and crude oil prices were weaker. The cocoa bears
have the near-term technical advantage. Prices are in a
four-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the cocoa bulls is to
push and close prices above solid technical resistance at
$2,400. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,200. First resistance is seen at today’s high
of $2,289 and then at $2,300. First support is seen at
today’s low of $2,250 and then at $2,225. Wyckoff's Market
Rating: 3.0

March cotton closed down 100 points at 76.06 cents today.
Prices closed near mid-range and scored a bearish “outside
day” down on the daily bar chart today after hitting a
fresh three-month high early on. Profit taking was featured
and no chart damage occurred today. The key “outside
markets” were mildly bearish for the cotton market today as
the U.S. dollar index was firmer and crude oil prices were
weaker. The cotton bulls still have the overall near-term
technical advantage. A seven-week-old uptrend is in place
on the daily bar chart. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at the August high of 78.02 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at 74.50 cents. First resistance is seen at 76.50 cents and
then at today’s high of 77.10 cents. First support is seen
at today’s low of 75.42 cents and then at 75.00 cents.
Wyckoff's Market Rating: 6.0.

March orange juice closed up 95 points at $1.3275 today.
Prices closed near mid-range. FCOJ bulls still have the
overall near-term technical advantage, but have faded and
need to show more power soon. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.4000. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.2600. First resistance is seen at today’s high of
$1.3425 and then at this week’s high of $1.3515. First
support is seen at today’s low of $1.3060 and then at the
November high of $1.2865. Wyckoff's Market Rating: 6.0.

January lumber futures closed down $4.10 at $386.40 today.
Profit taking was seen today after prices Wednesday hit
another fresh contract and six-year high as a major bull
market run is on in lumber. The lumber bulls still have the
solid 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 $365.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at $400.00. First resistance is seen
at $390.00 and then at the contract high of $391.60. First
support is seen at $380.00 and then at $376.60. Wyckoff's
Market Rating: 9.0

*. METALS: February gold futures closed up $3.40 an ounce
at $1,664.10 today. Prices closed nearer the session high
on some short covering, bargain hunting and even a bit of
safe-haven buying interest. But the gold bears still have
the overall near-term technical advantage. A 2.5-month-old
downtrend is in place on the daily bar chart. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the November low
of $1,674.70. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at $1,630.00. First resistance is seen at this week’s high
of $1,668.70 and then at 1,674.70. First support is seen at
this week’s low of 1,650.60 and then at $1,640.00.
Wyckoff’s Market Rating: 3.5

March silver futures closed up $0.15 an ounce at $30.185
today. Prices closed near mid-range today. Short covering
and some bargain hunting were featured. The silver bears
still have the near-term technical advantage. Prices are in
a steep four-week-old downtrend on the daily bar chart.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at $32.00 an ounce.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $29.00.
First resistance is seen at today’s high of $30.53 and then
at $30.79. Next support is seen at last week’s low of
$29.635 and then at $29.50. Wyckoff's Market Rating: 3.5.

March N.Y. copper closed up 45 points at 360.20 cents
today. Prices closed near mid-range today. Copper bulls and
bears are back 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 December high of 372.10 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at last week’s low of 352.30
cents. First resistance is seen at Wednesday’s high of
361.30 cents and then at 365.00 cents. First support is
seen at today’s low of 358.95 cents and then at 356.00
cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: February crude oil closed down $0.05 a barrel
at $90.93 today. Prices closed nearer the session high and
did poke to a fresh nine-week high today. The strong gains
Wednesday have given the bulls fresh upside near-term
technical momentum and they have the overall near-term
technical advantage. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at $95.00 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 $87.50. First resistance is seen at
today’s high of $91.4 and then at $92.00. First support is
seen at $90.00 and then at $89.00. Wyckoff's Market Rating:
6.0

February heating oil closed up 174 points at $3.0531 today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. Bulls have regained the slight
near-term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at the December high of $3.1026. Bears' next
downside price breakout objective is producing a close
below solid technical support at $2.9600. First resistance
lies at last week’s high of $3.0619 and then at $3.0800.
First support is seen at today’s low of $3.0228 and then at
$3.0000. Wyckoff's Market Rating: 5.5.

February (RBOB) unleaded gasoline closed up 65 points at
$2.7950 today. Prices closed nearer the session high today
and hit a fresh 3.5-month high. Bulls have the near-term
technical advantage and have gained more upside momentum
this week. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the September high of $2.8660. Bears' next downside price
breakout objective is closing prices below solid support at
$2.6500. First resistance is seen at today’s high of
$2.8123 and then at $2.8400. First support is seen at
today’s low of $2.7683 and then at $2.7050. Wyckoff's
Market Rating: 7.0.

February natural gas closed down 1.3 cents at $3.412 today.
Prices closed nearer the session high today. Nat gas bears
have the overall near-term technical advantage. A five-
week-old downtrend is in place on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.60.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the August
low of $3.222. First resistance is seen at $3.45 and then
at $3.50. First support is seen at today’s low of $3.356
and then at the December low of $3.316. Wyckoff's Market
Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 15 points at 1.3247 today. Prices closed near
mid-range today. The bulls still have the solid near-term
technical advantage. A seven-week-old uptrend is in place
on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3400. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.3050. First resistance for
the Euro lies at today’s high of 1.3295 and then at the
December high of 1.3321. Next support is seen at today’s
low of 1.3213 and then at last week’s low of 1.3156.
Wyckoff's Market Rating: 7.0

The March Japanese yen closed down 64 points at 1.1624
today. Prices closed near the session low today and hit
another fresh contract low. Bears have the solid overall
near-term technical advantage. Prices are in a steep 10-
week-old downtrend on the daily bar chart. There are no
early clues of a market bottom being close at hand. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.1934. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.1500. First resistance is seen at today’s high
of 1.1707 and then at 1.1800. First support is seen at
today’s contract low of 1.1613 and then at 1.1550.
Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 5 points at 1.0964 today.
Prices closed near mid-range today. The Swissy bulls have
the solid near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1100. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0800. First resistance is seen
at 1.1000 and then at the December high of 1.1026. First
support is seen at today’s low of 1.0938 and then at
1.0915. Wyckoff's Market Rating: 7.5.

The March Australian dollar closed up 5 points at 1.0311
today. Prices closed near mid-range today. Prices Wednesday
hit a five-week low. No serious chart damage has been
inflicted recently but the bulls are fading and need to
show fresh power soon. Bulls still have the overall near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0425. The next downside breakout objective for the bears
is to produce a close below solid technical support at the
November low of 1.0203. First resistance is seen at this
week’s high of 1.0353 and then at 1.0400. Next support is
seen at this week’s low of 1.0281 and then at 1.0250.
Wyckoff's Market Rating: 6.0

The March Canadian dollar closed down 8 points at 1.0031
today. Prices closed nearer the session low today, hit a
fresh five-week low and scored a bearish “outside day” down
on the daily bar chart. Bulls and bears are back on a level
near-term technical playing field. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the December high of 1.0158. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 1.0000. First
resistance is seen at today’s high of 1.0075 and then at
1.0100. First support is seen at today’s low of 1.0022 and
then at 1.0000. Wyckoff's Market Rating: 5.0.

The March British pound closed down 30 points at 1.6096
today. Prices closed nearer the session low today, hit a
fresh two-week low and scored a bearish “outside day” down
on the daily bar chart. Bulls still have the overall near-
term technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at last week’s contract high of
1.6304. Bears' next downside technical breakout objective
is closing prices below solid support at 1.6000. First
resistance is seen at 1.6150 and then at today’s high of
1.6201. First support is seen at today’s low or 1.6065 and
then at 1.6000. Wyckoff's Market Rating: 6.5.

The March U.S. dollar index closed up 2 points at 79.72
today. Prices closed nearer the session high on tepid short
covering in a bear market. The bears still have the near-
term technical advantage. Prices are in a six-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 80.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the September low of 78.94. Next
resistance lies at today’s high of 79.89 and then at 80.00.
First support is seen at today’s low of 79.42 and then at
last week’s low of 79.01. Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed up 11/32 at 147 26/32 today.
Prices closed near mid-range in active trading. Bears still
have the slight near-term technical advantage. However, the
bulls are gaining some upside momentum. Good follow-through
buying on Friday would begin to suggest a near-term market
low is in place. The next downside price breakout objective
for the T-Bond bears is closing prices below solid
technical support at the December low of 145 19/32. The
next upside technical objective for the bulls is to produce
a close above solid technical resistance at 149 even. First
resistance is seen at 148 even and then at today’s high of
148 18/32. First support is seen at 146 16/32 and then at
146 even. Wyckoff's Market Rating: 4.5.

March U.S. T Notes closed up 8.0 (32nds) at 132.24.0 today.
Prices closed near mid-range today and did hit a fresh two-
week high. Bulls and bears are back on a level near-term
technical playing field but the bulls are gaining upside
momentum. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 133.08.0.
The next downside price breakout objective for the bears is
producing a close below solid technical support at the
December low of 131.25.5. First resistance is seen at
today’s high of 133.00.5 and then at 133.08.0. First
support is seen at 132.20.0 and then at 132.16.0. Wyckoff's
Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today, but off the daily lows on late news that the
U.S. House will reconvene Sunday night. Many traders and
investors are on the sidelines this week, enjoying the
holiday season. That is making for thin market conditions.
Investors and traders continue to worry about the U.S.
fiscal cliff negotiations that have stalled. President
Obama did come back from his Hawaii vacation early. U.S.
lawmakers have until January 3 to come to agreement before
the government falls off the fiscal cliff. Markets do not
like uncertainty and most markets remain jittery as the
deadline draws closer. Some slightly better U.S. economic
data released Thursday provided little fresh impetus to the
markets. In overnight news, the Japanese stock market
rallied to a nearly two-year high on hopes for more
monetary policy stimulus coming from the Bank of Japan.
European stock markets were firmer, helped in part by a
successful auction of Italian bonds and better Italian
manufacturing data.

The Nasdaq stock futures index closed down 1.75 at 2,626.75
today. Prices closed near the session high after hitting a
fresh five-week low early on. Bulls and bears are now back
on a level near-term technical playing field. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the December high of 2,713.75. The
bears' next downside price breakout objective is closing
prices below solid technical support at the November low of
2,492.00. First resistance is seen at today’s high of
2,637.75 and then at 2,650.00. First support is seen at
today’s low of 2,593.50 and then at 2,575.00. Wyckoff's
Market Rating: 5.0

The S&P 500 futures index closed up 0.40 at 1,413.90.
Prices closed nearer the session high. Bulls and bears are
back on a level near-term technical playing field. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the December high of 1,445.80.
The next downside price breakout objective for the bears is
closing prices below solid support at the November low of
1,340.30. First resistance is seen at today’s high of
1,418.00 and then at this week’s high of 1,425.00. First
support is seen at 1,406.00 and then at today’s low of
1,396.00. Wyckoff's Market Rating: 5.0.

The Dow futures closed down 45 points at 13,003. Prices
closed near mid-range today and did hit a fresh four-week
low early on. Bulls and bears are now back on a level near-
term technical playing field. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the December high of 13,300. The
next downside price objective for the bears is closing
prices below solid technical support at 12,750. First
resistance in the Dow lies at today’s high of 13,070 and
then at this week’s high of 13,100. First support is seen
at 12,950 and then at today’s low of 12,900. Wyckoff's
Market Rating: 5.0.

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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