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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Jan. 10

Jan 11, 2013

Thursday Evening, January 10-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 steady at $131.55
today. Prices closed nearer the session low today and hit
another fresh three-week low. The key “outside markets”
were bullish for the cattle market today, as the U.S.
dollar index was sharply lower and crude oil prices were
higher. Yet, cattle bulls could get no traction, which is a
bearish clue for the cattle market. The cattle bulls still
have the slight overall near-term technical advantage, but
the bulls have faded badly recently to suggest a near-term
market top is in place. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at this week’s high of $133.40. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the December low of $129.77. First resistance is seen at
today’s high of $132.00 and then at $132.65. First support
is seen at today’s low of $131.45 and then at $131.00.
Wyckoff's Market Rating: 5.5

March feeder cattle closed down $0.85 at $152.92 today.
Prices closed near the session low again today and hit a
fresh four-week low. The feeder bulls have faded and are
now back on a level near-term technical playing field with
the bears. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance $155.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $151.00. First
resistance is seen at $153.75 and then at $154.00. First
support is seen at $152.50 and then at 152.00. Wyckoff's
Market Rating: 5.0

February lean hogs closed up $0.40 at $84.60 today. Prices
closed near mid-range today on short covering. Bulls have
faded recently. A weakening cash hog market this week has
helped to pressure the futures. The bulls still have the
slight overall near-term technical advantage, but need to
show fresh power soon. 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 $86.95.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at the
December low of $83.20. First resistance is seen at today’s
high of $85.00 and then at $85.50. First support is seen at
this week’s low of $84.15 and then at $83.20. Wyckoff's
Market Rating: 5.5

*. GRAINS: March corn futures last traded up 4 cents at
6.98 1/4 today in late trading. Prices were near mid-range
and saw more short covering in a bear market. The key
“outside markets” were bullish for the corn market today as
the U.S. dollar index was sharply lower and crude oil
prices were higher. Traders are awaiting Friday’s important
USDA supply and demand, quarterly grain stocks and annual
grain production summary for direction. Most reckon that
report will favor the corn bears. At present the corn bears
have the near-term technical advantage. Prices are in a
six-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 $7.08. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $6.78. First resistance for March corn is
seen at today’s high of $7.00 1/2 and then at $7.08. First
support is seen at today’s low of $6.94 1/2 and then at
$6.90. Wyckoff's Market Rating: 3.5

March soybeans were down 1 1/2 cents at $13.84 a bushel in
late trading today. Prices were near mid-range in more
quiet trading. The key “outside markets” were bullish for
the soybean market today as the U.S. dollar index was
sharply lower and crude oil prices were higher. Yet, the
bean bulls could get no traction, which is a bearish clue
for beans. Traders are awaiting Friday’s important USDA
supply and demand, quarterly grain stocks and annual grain
production summary for direction. Traders are expected a
bearish report. Soybean bears have the overall near-term
technical advantage. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing January prices above solid technical resistance at
$14.50 a bushel. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at the November low of $13.56. First
resistance is seen at today’s high of $13.94 3/4 and then
at $14.00. First support is seen at $13.76 1/2 and then at
$13.56. Wyckoff's Market Rating: 3.0.

March soybean meal was down $2.70 at $406.90 today in late
trading. Prices were nearer the session low. Meal bears
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $425.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the late-August low of $393.00. First resistance comes in
at $410.00 and then at this week’s high of $412.90 and then
at $415.00. First support is seen at today’s low of $405.60
and then at $403.30. Wyckoff's Market Rating: 3.0

March bean oil was up 21 points at 49.85 cents in late
trading today. Prices were near mid-range and saw some
short covering in a bear market. The key “outside markets”
were bullish for the bean oiil market today as the U.S.
dollar index was sharply lower and crude oil prices were
higher. Bean oil bears 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 December high of 51.85 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at last week’s low of 48.73 cents. First
resistance is seen at today’s high of 50.19 cents and then
at 50.34 cents. First support is seen at 49.50 cents and
then at this week’s low of 49.25 cents and then at 49.00
cents. Wyckoff's Market Rating: 3.0

March Chicago SRW wheat was up 1 cent at $7.46 1/4 in late
trading today. Prices were near the session low and
hovering near a 6.5-month low. The key “outside markets”
were bullish for the wheat market today as the U.S. dollar
index was sharply lower and crude oil prices were higher.
Yet, wheat bulls could get no traction, which is a bearish
clue for wheat. Traders are awaiting Friday’s important
USDA supply and demand, quarterly grain stocks and annual
grain production summary for direction. Wheat bears have
the solid near-term technical advantage. A two-month-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 $7.90 a
bushel. The next downside price breakout objective for the
wheat futures bears is pushing and closing prices below
solid technical support at $7.25. First resistance is seen
at this week’s high of $7.60 1/2 and then at $7.75. First
support lies at last week’s low of $7.39 3/4 and then at
$7.30. Wyckoff's Market Rating: 2.5.

March K.C. HRW wheat was down 1 cent at $8.00 1/4 in late
trading today. Prices were nearer the session low and
hovering near a six-month low. HRW bears have the solid
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
$8.41. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$7.75. First resistance is seen at today’s high of $8.09
1/4 and then at this week’s high of $8.17. First support is
seen at last week’s low of $7.96 3/4 and then at $7.90.
Wyckoff's Market Rating: 2.5

March oats were up 2 1/2 cents at $3.39 in late trading
today. Prices were nearer the session high on short
covering in a bear market. Oats bears still have the near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $3.20. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $3.50. First support lies at
$3.35 and then at today’s low of $3.33 1/4. First
resistance is seen today’s high of $3.40 1/2 and then at
$3.43. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed up 25 points at 18.97 cents
today. Prices closed near the session high today and saw
more short covering. The key “outside markets” were bullish
for the sugar market today as the U.S. dollar index was
sharply lower and crude oil prices were higher. Sugar bears
still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at last
week’s high of 19.75 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 19.10 cents and then at 19.25 cents.
First support is seen at today’s low of 18.72 cents and
then at this week’s low of 18.52 cents. Wyckoff's Market
Rating: 2.5.

March coffee closed up 185 points at 149.75 cents today.
Prices closed near the session high today and saw more
short covering in a bear market. The key “outside markets”
were bullish for the coffee market today as the U.S. dollar
index was sharply lower and crude oil prices were higher.
The coffee bears still have the overall near-term technical
advantage. The next upside breakout objective for the bulls
is to close prices above solid technical resistance at
157.50 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the contract low of 141.24 cents a pound. First
resistance is seen at last week’s high of 151.95 cents and
then at the December high of 155.15 cents. First support is
seen at today’s low of 147.70 cents and then at this week’s
low of 145.65 cents. Wyckoff's Market Rating: 2.5.

March cocoa closed up $32 at $2,255 a ton. Prices closed
near mid-range today on more short covering in a bear
market. The key “outside markets” were bullish for the
cocoa market today as the U.S. dollar index was sharply
lower and crude oil prices were higher. The cocoa bears
still have the near-term technical advantage. Prices are in
a five-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
$2,325. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,115. First resistance is seen at last week’s
high of $2,280 and then at $2,300. First support is seen at
today’s low of $2,223 and then at this week’s low of $2,206
and then at $2,200. Wyckoff's Market Rating: 3.0

March cotton closed up 41 points at 75.20 cents today.
Prices closed nearer the session high today. The key
“outside markets” were bullish for the cotton market today
as the U.S. dollar index was sharply lower and crude oil
prices were higher. Traders are awaiting Friday’s important
USDA supply and demand and annual production summary for
direction. The cotton bulls have the slight overall near-
term technical advantage, but need to show fresh power soon
to keep it. The next upside price breakout objective for
the bulls is to produce a close above solid technical
resistance at the December high of 77.10 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
last week’s low of 73.72 cents. First resistance is seen at
75.50 cents and then at this week’s high of 75.86 cents.
First support is seen at today’s low of 74.55 cents and
then at 74.00 cents. Wyckoff's Market Rating: 5.5.

March orange juice closed up 260 points at $1.1330 today.
Prices closed nearer the session high on more short
covering in a bear market. FCOJ bears still have the near-
term technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.1800. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the
October low of $1.0675. First resistance is seen at 1.1500
and then at $1.1800. First support is seen at today’s low
of $1.1095 and then at this week’s low of $1.0910.
Wyckoff's Market Rating: 2.5.

March lumber futures closed up $4.70 at $379.90 today. The
lumber 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 $365.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the contract
high of $397.00. First resistance is seen at this week’s
high of $383.00 and then at $385.00. First support is seen
at $375.00 and then at this week’s low of $371.90.
Wyckoff's Market Rating: 7.0

*. METALS: February gold futures closed up $22.00 an ounce
at $1,677.50 today. Prices closed near the session high
today and were supported by bullish “outside market” forces
that included a sharply lower U.S. dollar index and higher
crude oil prices. Heavy short covering and bargain hunting
were seen today. The gold bears still have the slight
overall near-term technical advantage. A three-month-old
downtrend is still in place on the daily bar chart.
However, the bulls on Thursday did gain some fresh upside
near-term technical momentum to begin to suggest that a
market bottom is in place. The gold bulls’ next upside
price breakout objective is to produce a close above solid
technical resistance at last week’s high of $1,695.40.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at last week’s
low of $1,626.00. First resistance is seen at $1,685.00 and
then at $1,695.40. First support is seen at 1,666.00 and
then at today’s low of $1,653.80. Wyckoff’s Market Rating:
4.5

March silver futures closed up $0.656 an ounce at $30.91
today. Prices closed near the session high today. Silver
was supported by bullish “outside market” forces that
included a sharply lower U.S. dollar index and higher crude
oil prices. Heavy short covering and bargain hunting were
seen today. The silver bears still have the slight overall
near-term technical advantage. However, the bulls have
gained fresh upside technical momentum to suggest that a
near-term market low is in place. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at last week’s high of $31.535 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of $29.24. First resistance is seen at $31.00 and then
at $31.25. Next support is seen at $30.535 and then at
today’s low of $30.255. Wyckoff's Market Rating: 4.5.

March N.Y. copper closed up 395 points at 371.00 cents
today. Prices closed near the session high today. Copper
was supported by bullish “outside market” forces that
included a sharply lower U.S. dollar index and higher crude
oil prices. Copper bulls have the overall near-term
technical advantage. Prices are in a two-month-old uptrend
on the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of 375.90 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 365.00
cents. First resistance is seen at 372.10 cents and then at
375.00 cents. First support is seen at 370.00 cents and
then at 367.50 cents. Wyckoff's Market Rating: 6.5.

*. ENERGIES: February crude oil closed up $0.86 a barrel at
$93.96 today. Prices closed near mid-range today but did
hit a fresh nearly four-month high. The crude bulls were
aided by a sharply lower U.S. dollar index today. The crude
bulls have the overall near-term technical advantage and
gained some fresh upside momentum today. Prices are in a
four-week-old uptrend on the daily bar chart. 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 $88.00. First
resistance is seen at today’s high of $94.70 and then at
$95.00. First support is seen at today’s low of $93.08 and
then at $92.50. Wyckoff's Market Rating: 6.5

February heating oil closed down 149 points at $3.0545
today. Prices closed near the session low today after
spiking to a fresh three-month high early on. Bulls still
have the near-term technical advantage but may have become
exhausted on the upside today. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at today’s high of $3.1137. Bears' next downside
price breakout objective is producing a close below solid
technical support at last week’s low of $2.9809. First
resistance lies at $3.0752 and then at $3.1026. First
support is seen at $3.0472 and then at $3.0323. Wyckoff's
Market Rating: 6.0.

February (RBOB) unleaded gasoline closed up 96 points at
$2.7885 today. Prices closed near mid-range again today and
hit a fresh four-month high. Bulls have the 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
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 $2.8182 and then at $2.8500. First
support is seen at today’s low of 2.7708 and then at this
week’s low of $2.7433. Wyckoff's Market Rating: 6.5.

February natural gas closed up 7.7 cents at $3.19 today.
Prices closed nearer the session high today and saw short
covering in a bear market. Nat gas bears still have the
solid overall near-term technical advantage. A six-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 $3.40. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
$3.050. First resistance is seen at $3.227 and then at
$3.281. First support is seen at this week’s low of $3.087
and then at $3.05. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 196 points at 1.3259 today. Prices closed near
the session high today and were supported by bullish
comments from ECB chief Draghi. Bulls gained good upside
near-term technical momentum today and re-established a
two-month-old uptrend on the daily bar chart. The Euro
bulls have the solid overall near-term technical advantage.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at the
December high of 1.3321. The next downside price breakout
objective for the bears is closing prices below solid chart
support at the January low of 1.3005. First resistance for
the Euro lies at today’s high of 1.3273 and then at 1.3300.
Next support is seen at 1.3200 and then at 1.3150.
Wyckoff's Market Rating: 7.0

The March Japanese yen closed down 56 points at 1.1345
today. Prices closed near mid-range today. Bears have the
solid overall near-term technical advantage. Prices are in
a steep three-month-old downtrend on the daily bar chart.
There are still no early clues of a market bottom being
close at hand. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1.1700. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.1200. First resistance is seen
at 1.1400 and then at 1.1450. First support is seen at the
contract low of 1.1317 and then at 1.1250. Wyckoff's Market
Rating: 1.0.

The March Swiss franc closed up 134 points at 1.0944 today.
Prices closed nearer the session high today. The Swissy
bulls have the overall near-term technical advantage and
regained good upside momentum today, to re-establish a two-
month-old uptrend on the daily bar chart. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at the December high of 1.1026. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the January
low of 1.0760. First resistance is seen at today’s high of
1.0960 and then at 1.1000. First support is seen at 1.0900
and then at 1.0875. Wyckoff's Market Rating: 7.0.

The March Australian dollar closed up 89 points at 1.0544
today. Prices closed near the session high today and hit a
fresh contract high. Bulls have the solid overall near-term
technical advantage and gained more upside power today.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at 1.0750. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the January low of
1.0340. First resistance is seen at today’s contract high
of 1.0545 and then at 1.0600. Next support is seen at
1.0500 and then at today’s low of 1.0443. Wyckoff's Market
Rating: 8.0

The March Canadian dollar closed up 36 points at 1.0147
today. Prices closed near the session high today. Bulls
have the overall near-term technical advantage. 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 the January low of
1.0062. First resistance is seen at the January high of
1.0149 and then at 1.0158. First support is seen at this
week’s low of 1.0100 and then at 1.0080. Wyckoff's Market
Rating: 6.0.

The March British pound closed up 138 points at 1.6150
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage and regained
some upside momentum today. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the contract high of 1.6314. Bears'
next downside technical breakout objective is closing
prices below solid support at last week’s low of 1.5945.
First resistance is seen at today’s high of 1.6164 and then
at 1.6200. First support is seen at 1.6100 and then at
1.6050. Wyckoff's Market Rating: 6.5.

The March U.S. dollar index closed down 87 points at 79.80
today. Prices closed near the session low today. The bears
have the overall near-term technical advantage and regained
good downside momentum today. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the December high of 81.05. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the December low of
79.01. Next resistance lies at 80.00 and then at 80.25.
First support is seen at today’s low of 79.74 and then at
79.50. Wyckoff's Market Rating: 3.0.

March U.S. T-Bonds closed down 23/32 at 144 25/32 today.
Prices closed nearer the session low. T-Bond bears still
have the overall near-term technical advantage as the
general risk appetite in the market place is on the
upswing. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at the September low of 143 8/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 146 23/32. First
resistance is seen at 145 even and then at today’s high of
145 12. First support is seen at today’s low of 144 17/32
and then at 144 even. Wyckoff's Market Rating: 3.0.

March U.S. T Notes closed down 12.5 (32nds) at 131.21.5
today. Prices closed nearer the session low. Bears have the
overall 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 bulls is closing
prices above solid resistance at 133.02.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 130.10.5. First resistance is seen at
today’s high of 132.00.0 and then at this week’s high of
132.04.0. First support is seen at today’s low of 131.19.5
and then at this week’s low of 131.16.0. Wyckoff's Market
Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today. Bulls have the overall near-term
technical advantage. Upbeat comments coming from European
Central Bank President Mario Drahgi at his monthly press
conference, regarding the European Union’s economic and
financial prospects, put strong downside price pressure on
the U.S. dollar and rallied the Euro currency Thursday.
That was a bullish underlying factor for U.S. stocks. In
overnight news, European stock markets were supported
following a successful Spanish bond auction that produced
yields that were the lowest in almost a year. European
traders were awaiting Thursday’s monthly European Central
Bank meeting. The ECB did not make any major moves on
interest rates, as expected. The Bank of England left its
monetary policy unchanged at its meeting Thursday, as
expected. There was more positive economic news coming out
of China overnight. China’s trade surplus rose sharply in
December, with exports rising more than expected. Asian
stocks were boosted on that news. The China news Thursday
was also a significantly bullish fundamental factor for the
stock markets worldwide.

The Nasdaq stock futures index closed up 16.75 at 2,738.75
today. Prices closed near the session high and are hovering
near a three-month high. Bulls have the near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 2,800.00. The
bears' next downside price breakout objective is closing
prices below solid technical support at the December low of
2,580.00. First resistance is seen at the January high of
2,747.00 and then at 2,775.00. First support is seen at
today’s low of 2,713.75 and then at this week’s low of
2,698.50. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed up 11.80 at 1,467.60.
Prices closed near the session high an hit a fresh five-
year high today. Bulls have the solid near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1,500.00. The next
downside price breakout objective for the bears is closing
prices below solid support at the January low of 1,439.30.
First resistance is seen at 1,475.00 and then at 1,480.00.
First support is seen at today’s low of 1,455.00 and then
at this week’s low of 1,446.20. Wyckoff's Market Rating:
7.0.

The Dow futures closed up 81 points at 13,406. Prices
closed near the session high today and hit a fresh nearly
three-month high. Bulls have the near-term technical
advantage. The next upside price objective for the bulls is
closing prices above solid technical resistance at the
October high of 13,597. The next downside price objective
for the bears is closing prices below solid technical
support at 13,000. First resistance in the Dow lies at
today’s high of 13,410 and then at 13,450. First support is
seen at 13,370 and then at today’s low of 13,325. 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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