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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Dec. 6

Dec 07, 2012

Thursday Evening, December 6-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 up $0.47 at
$131.00 today. Prices closed near the session high today on
short covering. Trading has been choppy recently. 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 $131.80. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at $129.00. First
resistance is seen at today’s high of $131.00 and then at
$131.50. First support is seen at $130.50 and then at
$130.00. Wyckoff's Market Rating: 5.0

March feeder cattle closed up $1.75 at $150.80 today.
Prices closed near the session high and hit a fresh five-
week high today on more short covering and on bargain
hunting. Bulls and bears are now back on a level near-term
technical playing field as the bulls have regained good
upside near-term technical momentum. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at the
October high of $153.20. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at this week’s low of $147.82.
First resistance is seen at $151.00 and then at $151.50.
First support is seen at $150.00 and then at $149.50.
Wyckoff's Market Rating: 5.0

February lean hogs closed down $1.20 at $84.45 today.
Prices closed near the session low today and hit a fresh
four-week low. The key outside markets were bearish for
hogs today as the U.S. dollar index was sharply higher and
crude oil prices were solidly lower. Hog bulls are fading
and need to show fresh power soon. The hog bulls still have
the slight overall near-term technical advantage. The
recent higher volatility at higher price levels is a
warning signal that a market top is in place. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at
$87.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$84.00. First resistance is seen at today’s high of $85.10
and then at $85.92. First support is seen at today’s low of
$84.35 and then at $84.00. Wyckoff's Market Rating: 5.5

*. GRAINS: March corn futures were down 8 cents at 7.49 3/4
in late trading today. Prices were nearer the session low
following a bearish USDA weekly export sales report. The key
outside markets were bearish for corn today as the U.S.
dollar index was sharply higher and crude oil prices were
solidly lower. Trading has turned choppy and sideways
recently. Bulls still have the slight overall near-term
technical advantage. Corn bulls' next upside price
objective is to push and close prices above solid technical
resistance at the October high of $7.75 3/4. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $7.35.
First resistance for March corn is seen at today’s high of
$7.59 and then at this week’s high of $7.64. First support
is seen at this week’s low of $7.46 3/4 and then at $7.40.
Wyckoff's Market Rating: 5.5

January soybeans were up 5 1/4 cents at $14.84 1/2 a bushel
in late trading today. Prices were nearer the session high
and hit another fresh four-week high today. Soybean bears
still have the slight overall near-term technical
advantage. However, the bulls are gaining upside momentum
and my bias is that a near-term market low is in place. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing January prices above
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $14.00.
First resistance is seen at today’s high of $14.91 1/2 and
then at $15.00. First support is seen at today’s low of
$14.73 1/4 and then at $14.60. Wyckoff's Market Rating:
4.5.

March soybean meal was up $4.30 at $443.20 in late trading
today. Prices were nearer the session high and hit another
fresh four-week high today. More short covering and bargain
hunting were seen. Meal bulls and bears are now back on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at $450.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$425.00. First resistance comes in at today’s high of
$444.20 and then at $447.50. First support is seen at
$440.00 and then at today’s low of $438.70. Wyckoff's
Market Rating: 5.0

March bean oil was down 27 points at 51.19 cents in late
trading today. Prices were near mid-range and did hit
another fresh four-week high early on today. The key
outside markets were bearish for bean oil today as the U.S.
dollar index was sharply higher and crude oil prices were
solidly lower. The bean oil bears still have the slight
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
52.00 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 49.00 cents. First resistance is
seen at 51.51 cents and then at today’s high of 51.78
cents. First support is seen at 51.00 cents and then at
today’s low of 50.76 cents. Wyckoff's Market Rating: 4.5

March Chicago SRW wheat was down 2 1/2 cents at $8.57 1/2
in late trading today. Prices were near mid-range. The key
outside markets were bearish for wheat today as the U.S.
dollar index was sharply higher and crude oil prices were
solidly lower. Wheat bulls still have the slight overall
near-term technical advantage. Prices are down near the
lower boundary of the recent trading range, which suggests
prices are likely to see more upside strength coming. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at last
week’s high of $8.95 1/2 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the
November low of $8.45. First resistance is seen at $8.65
and then at this week’s high of $8.77 1/4. First support
lies at this week’s low of $8.51 1/2 and then at $8.45.
Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat was down 1 1/2 cents at $9.06 1/4 in
late trading today. Prices were near mid-range. HRW bulls
have the slight overall near-term technical advantage.
Bulls’ next upside price breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of $9.40. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at the September low of $8.85. First
resistance is seen at today’s high of $9.11 and then at
$9.20. First support is seen at this week’s low of $8.98
and then at $8.85. Wyckoff's Market Rating: 5.5

March oats were steady at $3.97 today in late trading.
Prices were near mid-range. Prices Wednesday hit a six-week
high today and bulls have gained upside momentum. Oats
bulls have the solid overall near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at this
week’s low of $3.78 1/4. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the October high of $4.05. First
support lies at today’s low of $3.93 3/4 and then at $3.90.
First resistance is seen at this week’s high of $4.00 and
then at $4.05. Wyckoff's Market Rating: 7.0

*. SOFTS: March sugar closed down 29 points at 19.28 cents
today. Prices closed near the session low. The key outside
markets were bearish for sugar today as the U.S. dollar
index was sharply higher and crude oil prices were solidly
lower. Sugar bears have the solid overall near-term
technical advantage. 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 November low of
18.66 cents. First resistance is seen at today’s high of
19.60 cents and then at 19.77 cents. First support is seen
at today’s low of 19.27 cents and then at last week’s low
of 19.04 cents. Wyckoff's Market Rating: 2.0.

March coffee closed up 170 points at 150.80 cents. Prices
closed nearer the session high today on more short covering
in a bear market. Prices Wednesday hit a contract low. The
coffee bears still have the solid overall near-term
technical advantage. Prices are in a two-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 160.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 145.00 cents a pound.
First resistance is seen at this week’s high of 153.15
cents and then at 155.00 cents. First support is seen at
today’s low of 149.00 cents and then at the contract low of
146.35 cents. Wyckoff's Market Rating: 1.5.

March cocoa closed down $5 at $2,415 a ton. Prices closed
near mid-range today and hit another fresh two-week low.
The key outside markets were bearish for cocoa today as the
U.S. dollar index was sharply higher and crude oil prices
were solidly lower. The cocoa bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at this
week’s high of $2,466. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the November low of $2,322.
First resistance is seen at today’s high of $2,433 and then
at $2,466. First support is seen at today’s low of $2,398
and then at $2,375. Wyckoff's Market Rating: 5.0

March cotton closed up 15 points at 73.18 cents today.
Prices closed nearer the session low today. The key outside
markets were bearish for cotton today as the U.S. dollar
index was sharply higher and crude oil prices were solidly
lower. Cotton bulls and bears are on a level near-term
technical playing field. However, prices are still in a
four-week-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 75.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at 71.28 cents. First resistance is seen at 73.50
cents and then at 74.00 cents. First support is seen at
this week’s low of 72.43 cents and then at 72.00 cents.
Wyckoff's Market Rating: 5.0.

January orange juice closed up 55 points at $1.2500 today.
Prices closed near mid-range today. FCOJ bulls have the
overall near-term technical advantage. A bullish pennant
pattern has formed on the daily bar chart. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at the September
high of $1.3010. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.1700. First resistance is
seen today’s high of $1.2600 and then at this week’s high
of $1.2710. First support is seen at today’s low of $1.2335
and then at $1.2230. Wyckoff's Market Rating: 6.0.

January lumber futures closed up the $10 limit at $345.60
today. Prices closed at a fresh contract high and 6.5-year
high close today. The lumber bulls 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 this week’s
low of $332.70. The next upside price breakout objective
for the bulls is pushing and closing prices above solid
technical resistance at $350.00. First resistance is seen
at $350.00 and then at $352.50. First support is seen at
$342.50 and then at $340.00. Wyckoff's Market Rating: 9.0

*. METALS: February gold futures closed up $7.50 an ounce
at $1,701.30 today. Prices closed nearer the session high
today on some safe-haven buying, short covering and bargain
hunting. Bearish “outside market” forces did limit the
upside in gold today, as the U.S. dollar index was solidly
higher and crude oil was solidly lower. Gold bulls have the
slight overall near-term technical advantage but have faded
recently and need to show more power soon. The gold bulls’
next upside price breakout objective is to produce a close
above solid technical resistance at this week’s high of
$1,724.90. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at the November low of $1,674.70. First resistance is seen
at Wednesday’s high of $1,708.30 and then at $1,720.00.
First support is seen at this week’s low of $1,686.00 and
then at $1,680.00. Wyckoff’s Market Rating: 5.5

March silver futures closed up $0.137 an ounce at $32.085
today. Prices closed nearer the session high today. Bearish
“outside market” forces did limit the upside in silver
today, as the U.S. dollar index was solidly higher and
crude oil was solidly lower. The silver bulls have faded a
bit and need to show more power soon. Bulls do still have
the slight overall near-term technical advantage. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at the November high of
$34.49 an ounce. The next downside price breakout objective
for the bears is closing prices below solid technical
support at $32.50. First resistance is seen at today’s high
of $33.33 and then at $33.50. Next support is seen at this
week’s low of $32.585 and then at $32.50. Wyckoff's Market
Rating: 5.5.

March N.Y. copper closed down 435 points at 364.30 cents
today. Prices closed nearer the session low today on some
profit taking from recent solid gains. Bearish “outside
market” forces also pressured copper today, as the U.S.
dollar index was solidly higher and crude oil was solidly
lower. Copper bulls still have the overall near-term
technical advantage. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 375.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 355.00 cents. First
resistance is seen at 367.50 cents and then at this week’s
high of 369.40 cents. First support is seen at today’s low
of 363.30 cents and then at 360.00 cents. Wyckoff's Market
Rating: 6.0.

*. ENERGIES: January crude oil closed down $1.50 a barrel
at $86.38 today. Prices closed nearer the session low today
and were pressured by the stronger U.S. dollar index. Bulls
faded today and need to show fresh power soon to avoid
fresh chart damage being inflicted. Crude oil bulls and
bears are still on a level near-term technical playing
field. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at this week’s high of $90.33 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 the November low of
$84.53. First resistance is seen at $87.00 and then at
$88.00. First support is seen at today’s low of $85.68 and
then at $85.00. Wyckoff's Market Rating: 5.0

January heating oil closed down 470 points at $2.9437
today. Prices closed nearer the session low again today and
hit a fresh four-month low. Bears have regained the near-
term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at the November high of $3.1026. Bears' next
downside price breakout objective is producing a close
below solid technical support at $2.8500. First resistance
lies at $2.9750 and then at $3.0000. First support is seen
at today’s low of $2.9342 and then at $2.9000. Wyckoff's
Market Rating: 4.0.

January (RBOB) unleaded gasoline closed down 380 points at
$2.5998 today. Prices closed nearer the session low again
today and hit a fresh three-week low. Bulls and bears are
still 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 this
week’s high of $2.7627. Bears' next downside price breakout
objective is closing prices below solid support at the
November low of $2.5324. First resistance is seen at
$2.6250 and then at $2.6500. First support is seen at
today’s low of $2.5893 and then at $2.5600. Wyckoff's
Market Rating: 4.5.

January natural gas closed down 5.8 cents at $3.642 today.
Prices closed nearer the session low 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 $3.80. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.50. First
resistance is seen at today’s high of $3.748 and then at
$3.80. First support is seen at today’s low of $3.614 and
then at $3.55. Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 110 points at 1.2982 today. Prices closed
nearer the session low today and saw profit taking. The
bulls faded today and need to show fresh power soon to keep
their near-term technical advantage. The Euro bulls do
still have the overall near-term technical advantage. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at this
week’s high of 1.3142. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2900. First resistance for the Euro lies at
1.3000 and then at 1.3050. Next support is seen at today’s
low of 1.2965 and then at 1.2950. Wyckoff's Market Rating:
6.0

The March Japanese yen closed down 12 points at 1.2146
today. Prices closed near mid-range today. Bears have the
solid overall near-term technical advantage. Prices are in
a steep nine-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1.2345. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2000. First resistance is seen at
today’s high of 1.2176 and then at 1.2200. First support is
seen at today’s low of 1.2118 and then at last week’s low
of 1.2088. Wyckoff's Market Rating: 1.5.

The March Swiss franc closed down 77 points at 1.0738
today. Prices closed nearer the session low today and hit a
fresh two-week low. The Swissy bulls still have the near-
term technical advantage but did fade today and need to
show fresh power soon. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the November high of 1.0843. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 1.0675. First
resistance is seen at 1.0775 and then at 1.0800. First
support is seen at today’s low of 1.0726 and then at
1.0700. Wyckoff's Market Rating: 6.0.

The March Australian dollar closed up 22 points at 1.0401
today. Prices closed near mid-range today and hit another
fresh two-month high. Bulls have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the September high of 1.0470. 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 today’s high of 1.0435 and then at
1.0470. Next support is seen at today’s low of 1.0364 and
then at this week’s low of 1.0311. Wyckoff's Market Rating:
7.5

The March Canadian dollar closed up 1 point at 1.0067
today. Prices closed near mid-range and hit another fresh
four-week high today. Bulls and bears are on a level near-
term technical playing field. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the November high of 1.0095. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the November low of
.9919. First resistance is seen at today’s high of 1.0087
and then at 1.0095. First support is seen at today’s low of
1.0052 and then at this week’s low of 1.0024 and then at
1.0000. Wyckoff's Market Rating: 5.0.

The March British pound closed down 48 points at 1.6046
today. Prices closed nearer the session low today and
scored a mildly 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
1.6165. Bears' next downside technical breakout objective
is closing prices below solid support at the October low of
1.5913. First resistance is seen at this week’s high of
1.6126 and then at the November high of 1.6140. First
support is seen at this week’s low of 1.6025 and then at
1.5983. Wyckoff's Market Rating: 6.0.

The March U.S. dollar index closed up 47 points at 80.41
today. Prices closed nearer the session high today on more
short covering. The bears still have the near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the November high of 81.70. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the October low of
79.20. Next resistance lies at 80.53 and then at 80.82.
First support is seen at 80.00 and then at this week’s low
of 79.78. Wyckoff's Market Rating: 3.5.

March U.S. T-Bonds closed up 5/32 at 150 13/32 today.
Prices closed near mid-range today and hit another fresh
two-week high. Bulls have the overall technical advantage.
The next downside price breakout objective for the T-Bond
bears is closing prices below solid technical support at
147 even. The next upside technical objective for the bulls
is to produce a close above solid technical resistance at
the November high of 151 10/32. First resistance is seen at
today’s high of 150 28/32 and then at 151 even. First
support is seen at 150 even and then at 149 27/32.
Wyckoff's Market Rating: 6.0.

March U.S. T Notes closed up 1.5 (32nds) at 133.27.0 today.
Prices closed nearer the session low today and did hit
another fresh contract high early on. Bulls still have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 134.16.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
November low of 131.24.5. First resistance is seen at
today’s contract high of 134.01.0 and then at 134.08.0.
First support is seen at today’s low of 133.24.0 and then
at 133.16.0. Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Bulls have regained some upside near-term
technical momentum as prices have rebounded smartly from
the November lows, as the “Santa Claus” rally appears to
have started this year. In overnight news, European Union
countries’ collective gross domestic product shrank by 0.1%
in the third quarter, from the previous quarter, and was
down 0.6% from the same period last year. EU businesses
curtailed their investment and drew down their existing
stockpiles in the three months ending in September. Most
believe the EU will continue its economic contraction at
least into the fourth quarter of 2012. Meantime, Greece’s
unemployment rate rose to 26% in September, from 25.3% in
August, it was reported Thursday. On the positive side,
German manufacturing orders increased more than expected,
at up 3.9% in October. The Bank of England and the European
Central Bank left their interest rates unchanged after
meetings Thursday, as expected. In the U.S., the focus of
the market place remains on the “fiscal cliff” tax
increases and spending cuts that is fast approaching. U.S.
lawmakers are still jawboning on the matter. Wednesday,
U.S. Treasury Secretary Geithner said the Obama
administration is willing to go over the fiscal cliff if
the wealthiest Americans are not taxed more. While the
market place presently perceives odds are higher than not
that there will be a last-minute agreement among U.S.
lawmakers to avoid the fiscal cliff, the overall situation
has been a bearish drag on many markets, including the raw
commodities and stock markets. Friday’s U.S. jobs report
for November may be a market mover, but that report will
likely be skewed by the super storm that hit the U.S. east
coast a few weeks ago and therefore be less market-
sensitive. Forecasts call for the key non-farm payrolls
figure to have risen by 80,000 in November. The market
place is starting to look ahead to next week’s last Federal
Reserve FOMC meeting of the year, on December 10 and 11.
The “Operation Twist” program ends and the FOMC members
must decide whether to extend the bond-buying program. Many
believe the Fed will continue to purchase U.S. Treasuries
and implement “QE4” at next week’s meeting. That would be
raw-commodity market bullish, including bullish for the
precious metals markets.

The Nasdaq stock futures index closed up 18.00 at 2,655.50.
Prices closed nearer the session high today. 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 2,750.00. The
bears' next downside price breakout objective is closing
prices below solid technical support at 2,600.00. First
resistance is seen at Wednesday’s high of 2,679.25 and then
at this week’s high of 2,698.50. First support is seen at
today’s low of 2,622.50 and then at 2,611.50. Wyckoff's
Market Rating: 5.0

The S&P 500 futures index closed up 4.90 at 1,413.20.
Prices closed near the session high today. Bulls and bears
are on a level near-term technical playing field. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the November high of 1,431.40.
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 Wednesday’s high of
1,414.80 and then at this week’s high of 1,423.90. First
support is seen at today’s low of 1,404.20 and then at this
week’s low of 1,397.00. Wyckoff's Market Rating: 5.0.

The Dow futures closed up 39 points at 13,063. Prices
closed near the session high today and closed at a fresh
four-week high close. Bulls and bears are 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 November high of 13,225. The
next downside price objective for the bears is closing
prices below solid technical support at the November low of
12,440. First resistance in the Dow lies at this week’s
high of 13,075 and then at 13,100. First support is seen at
13,000 and then at 12,950. 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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