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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. 3

Jan 04, 2013

Thursday Evening, January 3-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 $1.47 at
$133.85 today. Prices closed near the session high today.
Cattle bulls have the overall near-term technical advantage
and gained fresh upside momentum today. 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 this week’s low of $131.95. First
resistance is seen at today’s high of $133.95 and then at
$134.40. First support is seen at $133.50 and then at
$133.00. Wyckoff's Market Rating: 7.5

March feeder cattle closed up $1.00 at $154.90 today.
Prices closed near mid-range today. The feeder bulls have
the overall near-term chart advantage. A bullish pennant or
flag 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
the December 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 $155.20 and then at
this week’s high of $155.67. First support is seen at
today’s low of $154.40 and then at this week’s low of
153.65. Wyckoff's Market Rating: 6.5

February lean hogs closed up $0.22 at $86.40 today. Prices
closed nearer the session low today. A four-month-old
uptrend is still in place on the daily chart. The bulls
still have the overall 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 the December low of
$83.20. First resistance is seen at $87.00 and then at
today’s high of $87.35. First support is seen at $86.00 and
then at $85.50. Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures last traded up 1/2 cent at
6.91 1/4 today in late trading. Prices were near mid-range
and did poke to a fresh six-month low today. The key
“outside markets” were in a bearish posture for the corn
market today as the U.S. dollar index was sharply higher
and crude oil prices were slightly lower. There has been a
lack of fresh, bullish fundamental news in the corn market
to fuel the bears recently. Corn bears have the near-term
technical advantage. Prices are in a five-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 $7.15. 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 $7.00 and then at this
week’s high of $7.07 1/4. First support is seen at today’s
low of $6.85 and then at $6.80. Wyckoff's Market Rating:
4.0

March soybeans were down 7 1/4 cents at $13.85 1/2 a bushel
in late trading today. Prices were near mid-range and hit a
fresh six-week low today. More Chinese cancellations of
U.S. soybean purchases hit the soybean market today. The
key “outside markets” were also in a bearish posture for
the bean market today as the U.S. dollar index was sharply
higher and crude oil prices were slightly lower. Soybean
bears have the overall near-term technical advantage and
have gained fresh downside momentum this week. 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 $14.00
and then at $14.10. First support is seen at today’s low of
$13.72 1/2 and then at $13.56. Wyckoff's Market Rating:
3.0.

March soybean meal was down $1.20 at $404.50 today in late
trading. Prices were nearer the session high and did hit
another fresh five-month low today. Meal bears have the
near-term technical advantage and gained more downside
momentum this week. 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 today’s high of
$407.30 and then at $410.00. First support is seen at
$400.00 and then at today’s low of $397.70. Wyckoff's
Market Rating: 2.5

March bean oil was down 30 points at 50.75 cents in late
trading today. Prices were nearer the session low and saw a
corrective pullback from Wednesday’s big gains. News the
fiscal cliff deal had a provision in it that extended
alternative energy funding (bio-diesel) that uses soybean
oil is bullish for this market. The bean oil bulls have
gained near-term upside momentum this week. Bean oil bulls
and bears are on a level near-term technical playing field.
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
this week’s low of 48.73 cents. First resistance is seen at
51.00 cents and then at this week’s high of 51.37 cents.
First support is seen at today’s low of 50.55 cents and
then at 50.00 cents. Wyckoff's Market Rating: 5.0

March Chicago SRW wheat was down 1 1/2 cents at $7.53 3/4
in late trading today. Prices were near mid-range today and
hit another fresh 6.5-month low. The stronger U.S. dollar
index today was bearish for wheat. Wheat bears have the
solid near-term technical advantage and have gained more
downside momentum this week. 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 major psychological resistance at $8.00 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
today’s high of $7.61 1/4 and then at $7.75. First support
lies at today’s low of $7.49 3/4 and then at $7.40.
Wyckoff's Market Rating: 2.5.

March K.C. HRW wheat was up 7 cents at $8.18 in late
trading today. Prices were near the session high on short
covering after hitting a fresh six-month low early on. HRW
bears still have the solid 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 $8.19
and then at $8.25. First support is seen at today’s low of
$8.09 1/2 and then at $8.00. Wyckoff's Market Rating: 2.5

March oats were up 1 1/2 cents at $3.37 in late trading
today. Prices were nearer the session high and did hit
another fresh six-month low today. Oats bears 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 $3.30 3/4. First
resistance is seen at today’s high of $3.40 1/4 and then at
$3.45. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed down 63 points at 19.06 cents
today. Prices closed nearer the session low today and hit a
fresh two-week low. The key “outside markets” were bearish
for sugar today as the U.S. dollar index was stronger and
crude oil prices were weaker. Sugar bears have the overall
near-term technical advantage and gained fresh downside
momentum today. Bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at this 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 19.29 cents and
then at 19.46 cents. First support is seen at today’s low
of 18.89 cents and then at 18.81 cents. Wyckoff's Market
Rating: 2.5.

March coffee closed down 355 points at 145.85 cents today.
Prices closed near the session low today after hitting a
fresh three-week high early on. The key “outside markets”
were bearish for coffee today as the U.S. dollar index was
stronger and crude oil prices were weaker. The coffee bears
have the solid 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 Monday’s
contract low of 141.24 cents a pound. First resistance is
seen at 147.50 cents and then at 150.00 cents. First
support is seen at 145.00 cents and then at 142.50 cents.
Wyckoff's Market Rating: 1.5.

March cocoa closed up $5 at $2,264 a ton. Prices closed
near mid-range and saw tepid short covering in a bear
market. The key “outside markets” were bearish for cocoa
today as the U.S. dollar index was stronger and crude oil
prices were weaker. The cocoa bears have the solid 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 $2,325. 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 $2,280 and then
at $2,289. First support is seen at today’s low of $2,245
and then at $2,237. Wyckoff's Market Rating: 3.0

March cotton closed up 3 points at 75.39 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 stronger and crude oil prices were weaker.
The cotton bulls still have the slight overall near-term
technical advantage. A two-month-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 74.00 cents. First resistance is seen at 76.00 cents and
then at today’s high of 76.34 cents. First support is seen
at 74.91 cents and then at last week’s low of 74.62 cents
and then at 74.00 cents. Wyckoff's Market Rating: 5.5.

March orange juice closed down 510 points at $1.1150 today.
Prices closed near the session low today and hit a fresh
seven-week low. FCOJ bulls have faded badly recently as a
bearish V-Top reversal pattern has formed on the daily bar
chart. No threatening cold weather for the southeastern
U.S. has sucked speculative money out of the FCOJ market.
The next upside price breakout objective for the FCOJ bulls
is pushing and closing prices above technical resistance at
$1.2000. 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 today’s high of $1.1775. First
support is seen at today’s low of $1.1140 and then at
$1.1000. Wyckoff's Market Rating: 2.0.

March lumber futures closed down $4.40 at $374.20 today.
Prices closed near mid-range and saw profit taking. The
lumber bulls still 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 last week’s
contract high of $397.00. First resistance is seen at
today’s high of $376.60 and then at $380.00. First support
is seen at today’s low of $371.00 and then at $370.00.
Wyckoff's Market Rating: 7.0

*. METALS: February gold futures closed down $14.50 an
ounce at $1,674.60 today. Prices closed nearer the session
low today on a corrective pullback and some chart
consolidation. A stronger U.S. dollar index today did help
to pressure gold. Gold prices have climbed back above the
key 200-day moving average, which is a bullish clue.
However, the gold bears still have the overall near-term
technical advantage. A three-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
psychological resistance at $1,700.00. Bears' next near-
term downside breakout price objective is closing prices
below solid technical support at the December low of
$1,636.00. First resistance is seen at $1,684.00 and then
at today’s high of 1,690.50. First support is seen at
Wednesday’s low of 1,670.90 and then at $1,660.00.
Wyckoff’s Market Rating: 4.0

March silver futures closed down $0.317 an ounce at $30.69
today. Prices closed nearer the session low today on a
corrective pullback and chart consolidation. The stronger
U.S. dollar helped to pressure silver today. The silver
bears have the overall near-term technical advantage.
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 the
December low of $29.635. First resistance is seen at $31.00
and then at today’s high of $31.225. Next support is seen
at $30.53 and then at Wednesday’s low of $30.225. Wyckoff's
Market Rating: 4.0.

March N.Y. copper closed down 295 points at 370.65 cents
today. Prices closed near the session low on some profit
taking after prices Wednesday hit a 2.5-month high. 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 September high of 384.80 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 this week’s
high of 375.90 cents. First support is seen at 370.00 cents
and then at 368.00 cents. Wyckoff's Market Rating: 6.5.

*. ENERGIES: February crude oil closed down $0.39 a barrel
at $92.73 today. Prices closed nearer the session low today
and saw mild profit taking. The stronger U.S. dollar index
today helped to limit buying interest in crude. Crude
prices Wednesday hit a 2.5-month high. The crude bulls
still have good upside near-term technical momentum and
they have the overall near-term technical advantage. 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 $93.30 and then
at this week’s high of $93.87. First support is seen at
$92.00 and then at $91.56. Wyckoff's Market Rating: 6.0

February heating oil closed down 262 points at $3.0214
today. Prices closed near mid-range today. Bulls have 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 today’s high of $3.0429 and then at this
week’s high of $3.0702. First support is seen at today’s
low of $3.0203 and then at $3.0000. Wyckoff's Market
Rating: 5.5.

February (RBOB) unleaded gasoline closed down 79 points at
$2.7872 today. Prices closed nearer the session low today
on some mild profit taking. Bulls still have the near-term
technical advantage. 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 this week’s high of $2.8136 and then at $2.8500.
First support is seen at $2.7605 and then at this week’s
low of $2.7211. Wyckoff's Market Rating: 6.5.

February natural gas closed down 3.6 cents at $3.197 today.
Prices closed near mid-range today and closed at a fresh
contract low close. Warm weather forecast for much of the
U.S. next week is bearish for nat gas. Nat gas bears 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 $3.50.
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 $3.236 and then at $3.30. First support is seen at
today’s low of $3.164 and then at $3.10. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 126 points at 1.3059 today. Prices closed near
the session low today and hit a fresh three-week low. The
FOMC news was bearish for the Euro today. The Euro bulls
still have the overall near-term technical advantage but
did fade badly today. A seven-week-old uptrend on the daily
bar chart was negated today. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3200. The next downside
price breakout objective for the bears is closing prices
below solid chart support at the December low of 1.2892.
First resistance for the Euro lies at 1.3100 and then at
1.3142. Next support is seen at 1.3050 and then at 1.3000.
Wyckoff's Market Rating: 6.0

The March Japanese yen closed down 22 points at 1.1463
today. Prices closed nearer the session low again today and
closed at another fresh contract low close. Bears have the
solid overall near-term technical advantage. Prices are in
a steep 12-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 1.1750. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.1300. First resistance is seen at
today’s high of 1.1531 and then at 1.1600. First support is
seen at today’s contract low of 1.1453 and then at 1.1400.
Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 95 points at 1.0805
today. Prices closed near the session low and hit a fresh
three-week low today. The Swissy bulls still have the
slight overall near-term technical advantage but did fade
badly today. 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 December low of 1.0678. First
resistance is seen at 1.0850 and then at 1.0900. First
support is seen at today’s low of 1.0801 and then at
1.0750. Wyckoff's Market Rating: 5.5.

The March Australian dollar closed down 20 points at 1.0411
today. Prices closed near the session low today and scored
a mildly bearish “outside day” down on the daily bar chart.
Profit taking from recent gains was seen today. Bulls still
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at the December high of 1.0520. The
next downside breakout objective for the bears is to
produce a close below solid technical support at the
December low of 1.0281. First resistance is seen at today’s
high of 1.0472 and then at 1.0500. Next support is seen at
1.0400 and then at 1.0350. Wyckoff's Market Rating: 7.0

The March Canadian dollar closed down 17 points at 1.0109
today. Prices closed nearer the session low today and saw
profit taking from recent gains. Bulls still have the
slight 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 1.0000. First
resistance is seen at today’s high of 1.0143 and then at
1.0158. First support is seen at 1.0100 and then at 1.0080.
Wyckoff's Market Rating: 5.5.

The March British pound closed down 144 points at 1.6099
today. Prices closed near the session low today. Bulls
still have the overall near-term technical advantage but
faded badly today as a bearish double-top reversal pattern
may be forming on the daily bar chart. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at Wednesday’s contract
high of 1.6314. Bears' next downside technical breakout
objective is closing prices below solid support at last
week’s low of 1.6065. First resistance is seen at 1.6150
and then at 1.6200. First support is seen at today’s low of
1.6087 and then at last week’s low of 1.6065. Wyckoff's
Market Rating: 6.0.

The March U.S. dollar index closed up 60 points at 80.55
today. Prices closed near the session high and hit a fresh
three-week high on more short covering. A greenback-bullish
FOMC report today also boosted the dollar index. The bears
still have the overall near-term technical advantage.
However, a six-week-old downtrend on the daily bar chart
was negated today and the bulls have gained some fresh
upside near-term technical momentum. 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 79.42.
Next resistance lies at today’s high of 80.59 and then at
80.75. First support is seen at 80.25 and then at 80.00.
Wyckoff's Market Rating: 3.5.

March U.S. T-Bonds closed down 1 6/32 at 144 17/32 today.
Prices closed near the session low and hit a fresh nearly
four-month low today. A bearish FOMC report this afternoon
hit the bond market hard today. Investor risk appetite is
on the upswing this week and that sucked safe-haven money
out of the bond and notes markets. T-Bond bears have the
near-term technical advantage and gained more downside
power today. 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 145 19/32. First
support is seen at today’s low of 144 15/32 and then at 144
even. Wyckoff's Market Rating: 2.5.

March U.S. T Notes closed down 19.0 (32nds) at 131.17.5
today. Prices closed near the session low, hit a fresh
nine-week low and scored a bearish “outside day” down on
the daily bar chart today. Bears have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at last week’s high of 133.02.5. 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
131.25.5 and then at 132.00.0. First support is seen at
today’s low of 131.16.5 and then at 131.08.0. Wyckoff's
Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today on some profit taking and a corrective pullback
from recent gains. The minutes of the latest meeting of the
Federal Reserve’s Open Market Committee were released
Thursday afternoon and they somewhat surprisingly revealed
some FOMC members believe that quantitative easing of U.S.
monetary policy should be wound down during 2013. That
spooked the stock and commodity market bulls. The past four
years of very easy U.S. monetary policy have been an
underlying bullish factor for the stock market. With the
U.S. fiscal cliff matter now at least temporarily out of
the market place spotlight, focus has turned to other
issues. What is arguably the most important U.S. economic
report of the month is due out on Friday morning—the
employment situation report. Thursday’s batch of U.S.
economic data moved the markets very little. However,
Friday’s jobs report is likely to have a bigger impact on
the markets. Non-farm payrolls are expected to have risen
by 150,000 in December, with the unemployment rate forecast
at 7.7%, which is unchanged from last month. In Europe
overnight there was fresh data showing the Euro zone
continues to see a very fragile financial sector. European
Union bank loans to the private sector fell by 0.8% in
November, on an annualized basis. Lending to businesses
also declined. European stocks and the Euro currency were
weaker Thursday. In Asia news, China reported its non-
manufacturing PMI rose for the third straight month, to
56.1 in December. Recent economic data coming from China
has been upbeat, which is an underlying bullish factor for
most markets, including the raw commodities.

The Nasdaq stock futures index closed down 13.00 at
2,725.75 today. Prices closed nearer the session low on
profit taking after hitting another fresh 2.5-month high
early on today. Bulls still have the near-term technical
advantage as prices have seen a bullish upside “breakout”
on the daily bar chart. 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 (this week’s low) of 2,580.00. First
resistance is seen at today’s high of 2,747.00 and then at
2,750.00. First support is seen at today’s low of 2,719.00
and then at 2,700.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 4.10 at 1,453.00.
Prices closed nearer the session low on mild profit taking
after hitting another fresh 2.5-month high today. Bulls
have the near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the September high of 1,467.50. The next
downside price breakout objective for the bears is closing
prices below solid support at the December low of 1,383.00.
First resistance is seen at today’s high of 1,460.50 and
then at 1,467.50. First support is seen at today’s low of
1,450.20 and then at Wednesday’s low of 1,439.30. Wyckoff's
Market Rating: 6.5.

The Dow futures closed down 12 points at 13,319. Prices
closed near mid-range on mild profit taking and did hit
another fresh 2.5-month high early on today. 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 the December low of
12,777. First resistance in the Dow lies at today’s high of
13,354 and then at 13,400. First support is seen at today’s
low of 13,295 and then at 13,250. 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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