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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. 14

Jan 15, 2013

Monday Evening, January 14-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: April live cattle closed up $0.20 at $134.75
today. Prices closed near mid-range today and saw tepid
short covering after hitting another fresh four-week low
early on. The cattle bulls have faded badly recently and
are now back on a level near-term technical playing field
with the bears. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $136.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at $133.50. First resistance is
seen at today’s high of $135.17 and then at $135.50. First
support is seen at today’s low of $134.12 and then at
$134.00. Wyckoff's Market Rating: 5.0

March feeder cattle closed down $0.02 at $151.42 today.
Prices closed nearer the session high today and did hit a
fresh five-week low early on. The feeder bulls have faded
badly and bears now have the near-term technical advantage.
The next upside price breakout objective for the feeder
bulls is to push and close prices above solid technical
resistance $153.50. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $150.00. First resistance is
seen at $152.00 and then at $152.50. First support is seen
at $151.00 and then at today’s low of 150.40. Wyckoff's
Market Rating: 4.0

April lean hogs closed up $0.72 at $87.85 today. Prices
closed near the session high today on short covering and
bargain hunting. The hog bears still have the slight
overall near-term technical advantage. Prices are in a two-
month-old downtrend on the daily bar chart. The next upside
price breakout objective for the hog bulls is to push and
close prices above solid chart resistance at $90.00. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $85.00.
First resistance is seen at $88.00 and then at $88.50.
First support is seen at $87.50 and then at last week’s low
of $86.90. Wyckoff's Market Rating: 4.5

*. GRAINS: March corn futures last traded up 14 1/4 cents
at $7.23 today in late trading. Prices were nearer the
session high on heavy short covering and bargain hunting,
and hit a fresh four-week high today. Bulls have gained
good upside near-term technical momentum following Friday’s
big gains that came in the wake of a bullish USDA report.
Prices Friday closed at a bullish weekly high close and a
six-week-old downtrend on the daily bar chart was negated.
There are now early technical clues that a near-term market
low is in place. However, the bulls have more work to do in
the near-term to better suggest such. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at $7.35. The next downside
price breakout objective for the bears is pushing and
closing prices below psychological support at $7.00. First
resistance for March corn is seen at today’s high of $7.26
3/4 and then at $7.30. First support is seen at $7.20 and
then at today’s low of $7.13. Wyckoff's Market Rating: 5.0

March soybeans were up 43 1/2 cents at $14.16 1/2 a bushel
in late trading today. Prices were nearer the session high
on heavy short covering and bargain hunting, and hit a
fresh two-week high. The rally in corn and wheat, and some
fresh China purchases of U.S. soybeans reported Monday,
were bullish for beans today. Bulls did gain some fresh
upside technical momentum today to begin to suggest a
market low is in place. But bulls have more heavy lifting
to do in the near term to better suggest such and to also
suggest prices can begin a fresh uptrend. Soybean bears
still have the overall near-term technical advantage. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing 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 last week’s
low of $13.51 1/2. First resistance is seen at today’s high
of $14.23 and then at the January high of $14.35. First
support is seen at $14.00 and then at $13.90. Wyckoff's
Market Rating: 4.0.

March soybean meal was up $10.90 at $415.20 today in late
trading. Prices were nearer the session high and hit a
fresh two-week high on heavy short covering and bargain
hunting. Meal bears still 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 last week’s low
of $392.40. First resistance comes in at today’s high of
$417.50 and then at $420.00. First support is seen at
$412.90 and then at $410.00. Wyckoff's Market Rating: 4.0

March bean oil was up 151 points at 50.75 cents in late
trading today. Prices were near the session high on heavy
short covering and bargain hunting. Bean oil bears 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 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 49.12 cents. First resistance is seen at today’s
high of 50.82 cents and then at 51.00 cents. First support
is seen at 50.50 cents and then at 50.00 cents. Wyckoff's
Market Rating: 4.0

March Chicago SRW wheat was up 13 1/2 cents at $7.67 3/4 in
late trading today. Prices were near mid-range but did hit
a fresh two-week high early on. Short covering and bargain
hunting were featured. Prices Friday scored a bullish “key
reversal” up and closed at a bullish weekly high close.
There are early technical clues to suggest a near-term
market low is in place, but the bulls have more work to do
to better suggest such. Friday’s USDA data was deemed
friendly for the wheat market. Wheat bears still have the
overall near-term technical advantage. A two-month-old
downtrend is still 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 last week’s low of $7.36
1/4. First resistance is seen at today’s high of $7.77 and
then at $7.90. First support lies at today’s low of $7.60
3/4 and then at $7.50. Wyckoff's Market Rating: 3.5.

March K.C. HRW wheat was up 15 1/4 cents at $8.22 1/4 in
late trading today. Prices were near mid-range and hit a
fresh two-week high early on today. Prices Friday scored a
bullish “key reversal” up on the daily bar chart. There are
very early technical clues to suggest a near-term market
low is in place, but the bulls have more work to do to
better suggest such. HRW bears 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 January high of $8.41. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at last week’s
low of $7.85 1/4. First resistance is seen at today’s high
of $8.30 and then at $8.41. First support is seen at
today’s low of $8.13 and then at $8.00. Wyckoff's Market
Rating: 3.5

March oats were up 8 cents at $3.54 3/4 in late trading
today. Prices were nearer the session high on more short
covering. Oats bears still have the slight overall near-
term technical advantage but the bulls have gained good
upside momentum to begin to suggest that a near-term market
low is in place. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at last week’s low of $3.28 1/2. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.68. First
support lies at $3.50 and then at today’s low of $3.48 1/2.
First resistance is seen today’s high of $3.57 1/2 and then
at $3.60. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 30 points at 18.87 cents
today. Prices closed nearer the session low today. 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 the
January 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 19.00 cents and then at last week’s
high of 19.19 cents. First support is seen at today’s low
of 18.81 cents and then at the January low of 18.52 cents.
Wyckoff's Market Rating: 2.5.

March coffee closed down 35 points at 153.00 cents today.
Prices closed near the session low today after hitting a
fresh six-week high early on. Prices Friday rallied and
closed at a bullish weekly high close, to begin to suggest
that a  near-term market low is in place. The coffee bears
do 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 today’s high of 155.90 cents and then at 157.50
cents. First support is seen at today’s low of 152.50 cents
and then at 150.00 cents. Wyckoff's Market Rating: 3.5.

March cocoa closed down $4 at $2,252 a ton. Prices closed
near mid-range today and did hit a fresh three-week high
early on. The cocoa bears have the 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 $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 today’s high of $2,296 and then at
$2,300. First support is seen at today’s low of $2,230 and
then at the January low of $2,206 and then at $2,200.
Wyckoff's Market Rating: 3.0

March cotton closed down 8 points at 75.54 cents today.
Prices closed near mid-range today. Friday’s USDA data was
deemed bullish for the cotton market. The cotton bulls have
the slight overall near-term technical advantage. 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 the January low of 73.72
cents. First resistance is seen at today’s high of 76.03
cents and then at last week’s high of 76.44 cents. First
support is seen at today’s low of 75.12 cents and then at
last week’s low of 74.40 cents. Wyckoff's Market Rating:
5.5.

March orange juice closed down 115 points at $1.1165 today.
Prices closed nearer the session low and scored a bearish
“outside day” down on the daily bar chart today. FCOJ bears
have the solid 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 today’s high of 1.1520 and then at $1.1800. First
support is seen at today’s low of $1.1090 and then at the
January low of $1.0910. Wyckoff's Market Rating: 2.5.

March lumber futures closed up $6.00 at $386.90 today.
Prices closed nearer the session high today and hit a fresh
two-week high. 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 the January
low of $371.00. 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 today’s high of $388.00 and then at
$390.00. First support is seen at $385.00 and then at
$382.00. Wyckoff's Market Rating: 8.0

*. METALS: February gold futures closed up $7.90 an ounce
at $1,668.50 today. Prices closed near mid-range today and
were supported by short covering and bargain hunting. 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. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at the January high of
$1,695.40. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at the January low of $1,626.00. First resistance is seen
at last week’s high of $1,678.80 and then at $1,684.00.
First support is seen at today’s low of $1,659.50 and then
at $1,650.00. Wyckoff’s Market Rating: 4.5

March silver futures closed up $0.712 an ounce at $31.12
today. Prices closed near the session high today and hit a
fresh two-week high. Heavy short covering and bargain
hunting were seen today. The silver bulls and bears are now
back on a level near-term technical playing field. The
bulls today 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 the January high of
$31.535 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the January low of $29.24. First
resistance is seen at today’s high of $31.17 and then at
$31.535. Next support is seen at $30.79 and then at today’s
low of $30.38. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed down 140 points at 364.00 cents
today. Prices closed nearer the session low today on some
profit taking. Copper bulls still 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 the January high of 375.90
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
357.50 cents. First resistance is seen at 365.00 cents and
then at 367.50 cents. First support is seen at today’s low
of 363.30 cents and then at 362.50 cents. Wyckoff's Market
Rating: 6.0.

*. ENERGIES: February crude oil closed up $0.59 a barrel at
$94.15 today. Prices closed near the session high today and
closed at a fresh four-month high close. The crude bulls
have been aided by a lower U.S. dollar index recently. The
crude bulls have the overall near-term technical advantage
and gained more 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 $90.00. First
resistance is seen at last week’s high of $94.70 and then
at $95.00. First support is seen at $93.00 and then at last
week’s low of $92.42. Wyckoff's Market Rating: 6.5

February heating oil closed up 564 points at $3.0649 today.
Prices closed near the session high today. Bulls have the
near-term technical advantage. A four-week-old uptrend is
in place on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at the January high of $3.1137. Bears'
next downside price breakout objective is producing a close
below solid technical support at the January low of
$2.9809. First resistance lies at $3.0800 and then at
$3.1000. First support is seen at $3.0400 and then at
$3.0200. Wyckoff's Market Rating: 6.0.

February (RBOB) unleaded gasoline closed up 110 points at
$2.7505 today. Prices closed nearer the session high today
on short covering and bargain hunting. Bulls have the near-
term technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at last week’s high of $2.8182. Bears'
next downside price breakout objective is closing prices
below solid support at $2.6500. First resistance is seen at
today’s high of $2.7603 and then at $2.7800. First support
is seen at last week’s low of 2.7180 and then at $2.7000.
Wyckoff's Market Rating: 6.5.

February natural gas closed up 5.1 cents at $3.378 today.
Prices closed near mid-range today, hit a fresh two-week
high and saw short covering in a bear market. Nat gas bears
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 $3.532.
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 today’s
high of $3.411 and then at $3.487. First support is seen at
today’s low of $3.337 and then at $3.30. Wyckoff's Market
Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 50 points at 1.3399 today. Prices closed nearer
the session high today and hit a fresh 11-month high. Bulls
have gained solid upside near-term technical momentum and
have 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 1.3500. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.3200. First resistance for the
Euro lies at today’s high of 1.3413 and then at 1.3450.
Next support is seen at today’s low of 1.3342 and then at
1.3300. Wyckoff's Market Rating: 8.0

The March Japanese yen closed down 30 points at 1.1189
today. Prices closed near mid-range today and hit another
fresh contract low. 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 last week’s high of 1.1522. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.1000. First resistance is seen at
1.1275 and then at 1.1325. First support is seen at today’s
contract low of 1.1160 and then at 1.1100. Wyckoff's Market
Rating: 1.0.

The March Swiss franc closed down 98 points at 1.0864
today. Prices closed nearer the session low today. Trading
has turned volatile and choppy, which is a sign of a
topping process. The Swissy bulls still have the overall
near-term technical advantage. A two-month-old uptrend is
still in place 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 1.0900 and then
at 1.0950. First support is seen at today’s low of 1.0843
and then at 1.0800. Wyckoff's Market Rating: 7.0.

The March Australian dollar closed up 35 points at 1.0521
today. Prices closed nearer the session high today. Bulls
have the solid overall near-term technical advantage.
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 the contract high of
1.0545 and then at 1.0600. Next support is seen at today’s
low of 1.0471 and then at 1.0443. Wyckoff's Market Rating:
8.0

The March Canadian dollar closed up 2 points at 1.0152
today. Prices closed nearer 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
1.0175 and then at 1.0200. First support is seen at today’s
low of 1.0122 and then at 1.0100. Wyckoff's Market Rating:
6.0.

The March British pound closed down 32 points at 1.6086
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. However, a bear flag
has formed on the daily bar chart. 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 the January low of
1.5945. First resistance is seen at last week’s high of
1.6166 and then at 1.6200. First support is seen at today’s
low of 1.6026and then at last week’s low of 1.5988.
Wyckoff's Market Rating: 6.0.

The March U.S. dollar index closed down 11 points at 79.50
today. Prices closed nearer the session low and hit a fresh
three-week low today. The bears have the solid overall
near-term technical advantage. 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 December low of 79.01. Next
resistance lies at today’s high of 79.71 and then at 80.00.
First support is seen at today’s low of 79.40 and then at
79.01. Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed up 4/32 at 145 13/32 today.
Prices closed nearer the session low and saw short covering
in a bear market. T-Bond bears still 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 the January low of 143 17/32.
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 20/32 and then at
today’s high of 146 2/32. First support is seen at today’s
low of 145 5/32 and then at 145 even. Wyckoff's Market
Rating: 3.0.

March U.S. T Notes closed up 3.5 (32nds) at 132.00.5 today.
Prices closed near mid-range and saw short covering. Bears
still have the overall near-term technical advantage. 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 132.07.5 and then at 132.16.0. First
support is seen at today’s low of 131.27.5 and then at the
December low of 131.25.5. Wyckoff's Market Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on some profit taking. Bulls still have the
overall near-term technical advantage. The major
development of the day for U.S. traders Monday is the late-
afternoon speech by Fed Chairman Ben Bernanke to a group in
Michigan. His remarks will be closely scrutinized for clues
on future U.S. monetary policy decisions. Some remarks from
Federal Reserve officials earlier Monday had little impact
on market prices. In overnight news, European stocks
markets and the Euro currency were lifted Monday on ideas
the European Union sovereign debt crisis has turned the
corner toward recovery. The Paris-based OECD reported
Monday that the Euro zone economic slowdown has bottomed
out and that other major world economies are likely to see
better growth in the coming months. Gains in European
markets were limited by a weak Euro zone industrial
production report Monday that showed a 0.3% decline from
October to November.

The Nasdaq stock futures index closed down 15.25 at
2,728.50 today. Prices closed nearer the session low after
hitting another fresh three-month high early on. Bulls
still 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 today’s high of 2,750.25 and then at
2,775.00. First support is seen at today’s low of 2,719.25
and then at last week’s low of 2,698.50. Wyckoff's Market
Rating: 6.0

The S&P 500 futures index closed down 3.40 at 1,463.80.
Prices closed nearer the session low after hitting a fresh
five-year high again 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
today’s high of 1,471.30 and then at 1,485.00. First
support is seen at today’s low of 1,460.60 and then at last
week’s low of 1,446.20. Wyckoff's Market Rating: 7.0.

The Dow futures closed down 2 points at 13,431. Prices
closed near mid-range today and did hit another fresh
three-month high early on. Bulls still 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 13,455 and then at 13,500. First
support is seen at today’s low of 13,400 and then at
13,370. 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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