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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--July 23

Jul 24, 2012

Monday Evening, July 23-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.

(NOTE: I am out of the office this week, spending some time with my wife in
Telluride, Colorado. My friend and fellow trader/analyst Ken Seehusen will produce
my daily report this week. Ken's style is a bit different than mine, but I think you'll
benefit and enjoy his work, too. --Jim)

The STOCK INDEXES

The September NASDAQ 100 closed lower on Monday and below the 20-day moving
average crossing at 2588.11 signaling that a double top with the early-July
high was likely posted with last Friday’s high. Session lows tested the
June-July uptrend line crossing near 2543.25 before a short covering rally
tempered early session losses. The mid-range close sets the stage for a
steady opening when Tuesday’s night session begins trading. Closes below the
aforementioned uptrend line would confirm an end to the rally off June’s low
while opening the door for sideways to lower prices into the end of July.
Stochastics and the RSI are diverging and turning neutral warning bulls to
use caution as a trend change and possible resumption of this year’s decline
is possible as we move into August; traditionally a weak period for the
equity markets. If September renews the rally off June’s low, the May 4th
gap crossing at 2686.50 is the next upside target. First resistance is last
Thursday’s high crossing at 2658.00. Second resistance is May 4th gap
crossing at 2686.50. First support is the June-July uptrend line crossing
near 2543.25. Second support is the reaction low crossing at 2516.50.

The September S&P 500 index closed lower on Monday on renewed concern over
Europe’s debt crisis that it is deepening. Additional pressure came from
China’s central bank, which indicated that its economy might slow to 7.4%
growth this quarter. Early session losses led to a spike below the June-July
uptrend line crossing near 1336.04 before a short covering bounce tempered
losses. The mid-range close sets the stage for a steady opening when Tuesday
’s night session begins trading. Stochastics and the RSI are diverging and
are turning neutral to bearish signaling that a double top with the
early-July high could have been posted last Thursday. Closes below the
June-July uptrend line crossing near 1336.04 would confirm that a double top
has indeed been posted while signaling a trend change and set the stage for
sideways to lower prices into August when a seasonal low is due to be
posted. If September renews the rally off June’s low, May’s high crossing at
1395.50 is the next upside target. First resistance is last Thursday’s high
crossing at 1375.70. Second resistance is May’s high crossing at 1395.50.
First support is today’s low crossing at 1332.20. Second support is the
reaction low crossing at 1320.00.

The Dow closed lower on Monday as investors are on edge and renewed concern
over Europe’s debt crisis captured headlines over the weekend. Losses were
magnified with news that China’s economic growth appears to be slowing and
could fall to just 7.4% growth this quarter.  Early losses led to a spike
below the June-July uptrend line crossing near 12,611 before a short
covering rebound in the afternoon session tempered some of today’s losses.
The mid-range close sets the stage for a steady opening on Tuesday. However,
today’s close below the 20-day moving average crossing at 12,743 confirms
that a double top with the early-July high was posted last Thursday. Closes
below the aforementioned uptrend line would confirm a trend change while
opening the door for sideways to lower prices into early August. Stochastics
and the RSI are diverging and are turning neutral to bearish signaling that
a short-term top is in or near. If the Dow renews the rally off June’s low,
May’s high crossing at 13,338 is the next upside target. First resistance is
last Thursday’s high crossing at 12,977. Second resistance is May’s high
crossing at 13,338. First support is today’s low crossing at 12,583. Second
support is the reaction low crossing at 12,492.

INTEREST RATES

September T-bonds closed up 12/32’s at 152-05.

September T-bonds closed higher on Monday and spiked above June’s high of
152-19 in early trading due to renewed concerns over Europe’s debt crisis.
However, profit taking tempered early session gains and the low-range close
sets the stage for a steady to lower opening on Tuesday. Stochastics and the
RSI are diverging and are neutral to bearish hinting that a double top with
June’s high might be forming. Closes below the 20-day moving average
crossing at 150-10 are needed to confirm that a double top has been posted.
If September extends this year’s rally into uncharted territory, upside
targets will be hard to project. First resistance is today’s high crossing
at 153-01. First support is the 20-day moving average crossing at 150-10.
Second support is the reaction low crossing at 147-23.

ENERGY MARKETS

September crude oil closed sharply lower on Monday due to increased concerns
over a slowdown in China’s economy and renewed fears over Europe’s debt
crisis. Today’s close below the 10-day moving average crossing at 88.58
signals that a short-term top might be in or is near. The low-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins. Stochastics and the RSI are overbought and are turning neutral to
bearish signaling that a pause or setback is possible near-term. Closes
below the 20-day moving average crossing at 86.01 would confirm that a
short-term top has been posted. If September extends the rally off June’s
low, the 50% retracement level of this year’s decline crossing at 94.28 is
the next upside target. First resistance is last Thursday’s high crossing at
93.25. Second resistance is the 50% retracement level of this year’s decline
crossing at 94.28. First support is the 20-day moving average crossing at
86.01. Second support is the reaction low crossing at 84.05.

August heating oil closed lower due to profit taking on Monday and below the
10-day moving average crossing at 282.86 signaling that a short-term top
might be in or is near. The low-range close sets the stage for a steady to
lower opening when Tuesday’s session begins trading. Stochastics and the RSI
are overbought and are turning neutral to bearish signaling that pause or
setback is possible near-term. Closes below the 20-day moving average
crossing at 274.51 are needed to confirm that a short-term top has been
posted. If August extends the rally off June’s low, the 62% retracement
level of the March-June decline crossing at 301.88 is the next upside
target. First resistance is the 62% retracement level of the March-June
decline crossing at 301.88. Second resistance is the 75% retracement level
of the March-June decline crossing at 312.72. First support is the 20-day
moving average crossing at 274.51. Second support is the reaction low
crossing at 270.28.

August unleaded gas closed lower due to profit taking on Monday as it
consolidates some of the rally off June’s low. The low-range close sets the
stage for a steady to lower opening when Tuesday’s night session begins
trading. Stochastics and the RSI are overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If
August extends the rally off June’s low, the 62% retracement level of the
March-June decline crossing at 295.32 is the next upside target. Closes
below the 20-day moving average crossing at 273.47 would confirm that a
short-term top has been posted. First resistance is the 62% retracement
level of the March-June decline crossing at 295.32. Second resistance is the
75% retracement level of the March-June decline crossing at 306.20. First
support is the 10-day moving average crossing at 284.78. Second support is
the 20-day moving average crossing at 273.47.

August Henry natural gas closed higher on Monday as it extends the rally off
June’s low. The high-range close sets the stage for a steady to higher
opening on Tuesday. Stochastics and the RSI are diverging but are bullish
signaling that sideways to higher prices are possible near-term. If July
extends the rally off June’s low, the 38% retracement level of the
2011-2012-decline crossing at 3.320 is the next upside target. Closes below
the reaction low crossing at 2.718 are needed to confirm that a short-term
top has been posted. First resistance is today’s high crossing at 3.130.
Second resistance is the 38% retracement level of the 2011-2012-decline
crossing at 3.320. First support is the reaction low crossing at 2.718.
Second support is the reaction low crossing at 2.659.

CURRENCIES

The September Dollar gapped up and closed higher on Monday as investors
moved back into the US Dollar due to renewed concerns over Europe’s debt
crisis. Today’s high spiked above the June high of 84.00 before profit
taking tempered gains. The low-range close sets the stage for a steady to
lower opening on Tuesday. Stochastics and the RSI are diverging but are
turning neutral to bullish again signaling that sideways to higher prices
are possible near-term. If September renews the rally off May’s low, weekly
resistance crossing at 85.04 is the next upside target. Closes below last
Thursday’s low crossing at 82.80 would confirm that a short-term top has
been posted. First resistance is today’s high crossing at 84.14. Second
resistance is weekly resistance crossing at 85.04. First support is last
Thursday’s low crossing at 82.80. Second support is the reaction low
crossing at 81.56.

The September Euro closed lower on Monday as it extended this year’s
decline. A short covering rally tempered early-session losses and the
high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are oversold, diverging but are turning neutral to
bearish again signaling that additional weakness is possible near-term. If
September extends this year’s decline, monthly support crossing at 118.74 is
the next downside target. Closes above the 20-day moving average crossing at
123.60 would confirm that a low has been posted. First resistance is last
Thursday’s high crossing at 123.35. Second resistance is the 20-day moving
average crossing at 123.60. First support is today’s low crossing at 120.76.
Second support is monthly support crossing at 118.74.

The September British Pound closed lower due to profit taking on Monday as
it consolidated some of the rally off this month’s low. The low-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI are turning neutral to bearish
signaling that a pause or setback is possible near-term. If September
extends today’s decline, the reaction low crossing at 1.5390 is the next
downside target. If September renews the rally off July’s low, June’s high
crossing at 1.5773 is the next upside target. First resistance is last
Thursday’s high crossing at 1.5736. Second resistance is June’s high
crossing at 1.5773. First support is the reaction low crossing at 1.5390.
Second support is June’s low crossing at 1.5266.

The September Swiss Franc closed lower on Monday as it extended this year’s
decline. A short covering rally tempered early session losses and the
high-range close sets the stage for a steady to higher opening when Tuesday’
s night session begins trading. Stochastics and the RSI are diverging but
are neutral to bearish signaling that sideways to lower prices are possible
near-term. If September extends this year’s decline, monthly support
crossing at .9939 is the next downside target. Closes above the 20-day
moving average crossing at crossing at .10300 are needed to confirm that a
short-term low has been posted. First resistance is last Thursday’s high
crossing at crossing at .10274. Second resistance is the 20-day moving
average crossing at .10300. First support is today’s low crossing at .10062.
Second support is monthly support crossing at .9939.

The September Canadian Dollar closed lower due to profit taking on Monday as
it consolidates some of the rally off June’s low. The mid-range close sets
the stage for a steady opening when Tuesday’s night session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a pause or correction is possible near-term. Closes below the
20-day moving average crossing at 98.05 are needed to confirm that a
short-term top has been posted. If September extends the rally off June’s
low, the 62% retracement level of the April-June decline crossing at 99.33
is the next upside target. First resistance is last Thursday’s high crossing
at 99.21. Second resistance is the 62% retracement level of this spring’s
decline crossing at 99.33. First support is the 20-day moving average
crossing at 98.05. Second support is the reaction low crossing at 97.40.

The September Japanese Yen closed higher on Monday but well off session
highs as it extends the rally off June’s low. The low-range close sets the
stage for a steady to lower opening when Tuesday’s night session begins
trading. Stochastics and the RSI are overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If
September extends this month’s rally, June’s high crossing at .12895 is the
next upside target. Closes below the 20-day moving average crossing at
.12618 would confirm that a short-term top has been posted. First resistance
is today’s high crossing at .12839. Second resistance is June’s high
crossing at .12895. First support is the 20-day moving average crossing at
.12618. Second support is the reaction low crossing at .12514.

PRECIOUS METALS

August gold closed lower on Monday as it extends the trading range of the
past three months. A short covering rally tempered early-session losses and
the high-range close sets the stage for a steady to higher opening when
Tuesday’s night session begins trading. Stochastics and the RSI remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If August renews this month’s decline, the reaction low crossing
at 1547.60 is the next downside target. Multiple closes above the reaction
high crossing at 1598.80 would confirm that a short-term low has been
posted. First resistance is the reaction high crossing at 1598.80. Second
resistance is this month’s high crossing at 1625.70. First support is the
reaction low crossing at 1547.60. Second support is May’s low crossing at
1529.30.

September silver closed lower on Monday as it extends this month’s trading
range. The mid-range close set the stage for a steady opening when Tuesday’s
night session begins trading. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If September extends
this month’s decline, June’s low crossing at 26.105 is the next downside
target. If September renews the rally off June’s low, June’s high crossing
at 29.915 is the next upside target. First resistance is the reaction high
crossing at 29.135. Second resistance is June’s high crossing at 29.915.
First support is June’s low crossing at 26.105. Second support is weekly
support crossing at 24.689.

September copper closed lower on Monday and below the 20-day moving average
crossing at 343.56 confirming that a short-term top has been posted while
opening the door for additional weakness near-term. The mid-range close sets
the stage for a steady opening when Tuesday’s night session begins trading.
Stochastics and the RSI are turning neutral to bearish signaling that
sideways to lower prices are possible near-term. If September renews the
rally off June’s low, the 50% retracement level of this year’s decline
crossing at 362.77 is the next upside target. First resistance is this month
’s high crossing at 355.65. Second resistance is the 50% retracement level
of this year’s decline crossing at 362.77. First support is June’s low
crossing at 325.00. Second support is the 87% retracement level of the
October-February rally crossing at 320.07.

GRAINS

December Corn closed down 10 1/4-cents at 7.85 1/2.

December corn closed lower on Monday as it was caught up in the massive
liquidation of commodities along with increased margin requirements, which
added incentive to unload positions. There were some reports out of Chicago
blaming bearish weather forecast for today’s sell off however, the driving
force behind the sell off was driven by fear spilling over from Wall Street.
Today’s USDA weekly crop progress and condition showed further deterioration
of the nation's corn and soybean crops, which will lead to lower yield
estimates in the days ahead. Just 26% of the nations corn crop is rated good
to excellent, down 5% from last week’s estimate. Exporter shipments were
19.6 million bushels of corn for the week ending July 19, which was down
from 22.2 million the previous week and below the five-year average for the
week of 43.6 million. Marketing year shipments to all destinations total
1.387 billion bushels, down 209 million or 13% from the previous year.
Shipments to date exceed the seasonal pace needed to reach USDA's export
target by August 31 by 45 million bushels, but the gap is shrinking.
The mid-range close sets the stage for a steady opening when Tuesday’s night
session begins trading. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the previous all-time high of $7.99-3/4 would likely
trigger additional buying as the door would be open for additional gains
ahead of the August supply-demand report. Initial support is the 10-day
moving average crossing at 7.58. Closes below the 20-day moving average
crossing at 7.08 would confirm that a top has been posted. First resistance
is today’s high crossing at 8.00. First support is the 10-day moving average
crossing at 7.58. Second support is the 20-day moving average crossing at
7.08.

December wheat closed down 29 1/4-cents at 9.19.

December wheat posted a key reversal down due to profit taking on Monday as
it consolidated some of this summer’s rally. The low-range close sets the
stage for a steady to lower opening when Tuesday’s night session begins
trading. Stochastics and the RSI are overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If
December extends the rally off June’s low, the May-2011 high crossing at
9.77 1/2 is the next upside target. Initial support begins with the 10-day
moving average crossing at 8.90 1/2. Closes below the 20-day moving average
crossing at 8.43 are needed to confirm that a top has been posted. First
resistance is today’s high crossing at 9.53 1/4. Second resistance is the
May-2011 high crossing at 9.77 1/2. First support is the 10-day moving
average crossing at 8.90 1/2. Second support is the 20-day moving average
crossing at 8.43.

December Kansas City Wheat closed down 24 1/2-cents at 9.29 1/2.

December Kansas City wheat gapped down and closed lower due to profit taking
on Monday as it consolidated some of this summer’s rally. The low-range
close sets the stage for a steady to lower opening on Tuesday. Stochastics
and the RSI are overbought but are neutral to bullish signaling that
sideways to higher prices are possible near-term. If December extends this
summer’s rally, the May-2011 high crossing at 9.78 1/2 is the next upside
target. Closes below the 20-day moving average crossing at 8.52 3/4 would
confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 9.54. Second resistance is the May-2011 high
crossing at 9.78 1/2. First support is last Thursday’s gap crossing at 9.26.
Second support is the 10-day moving average crossing at 9.00 1/4.

December Minneapolis wheat closed down 23 1/4-cents at 10.05.

December Minneapolis wheat posted a key reversal down due to profit taking
on Monday as it consolidated some of this summer’s rally. The low-range
close sets the stage for a steady to lower opening when Tuesday’s night
session begins to trade. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If December extends this rally, weekly resistance crossing at
10.70 3/4 is the next upside target. Closes below the 10-day moving average
crossing at 9.72 1/4 would temper the near-term friendly outlook. However,
it will take closes below the 20-day moving average crossing at 9.22 to
confirm that a top has been posted. First resistance is today’s high
crossing at 10.34. Second resistance is weekly resistance crossing at 10 70
3/4. First support is the 10-day moving average crossing at 9.72 1/4. Second
support is the 20-day moving average crossing at 9.22.

SOYBEAN COMPLEX

November soybeans closed down 64-cents at 16.22 1/4.

November soybeans closed sharply lower on Monday and posted a key reversal
down as it consolidated some of this summer’s rally. High-frequency trading
systems helped to magnify today’s volatility, which was driven by renewed
fears over Europe’s debt crisis along with bearish weather forecast for
portions of the upper Midwest that are calling for increased chances for
rain this coming week. Traders are questioning as to whether or not the
market has done its job of balancing supply and demand. Today’s crop
progress and condition data saw a 3% decline in the good to excellent
categories for soybeans, which will likely lead to additional declines in
yield estimates this week. There is little evidence of significant demand
rationing at this point in time as China continues to buy our soybeans at a
seasonally strong pace. The shortage of dried distillers grains is driving
up demand for soybean meal, resulting in seasonally strong crush activity.
Exporter shipments were 15.8 million bushels of soybeans for the week ending
July 19, up from 14.9 million the previous week and above the five-year
average for the week of 9.3 million. Last week's total included 5.9 million
bushels of soybeans destined for China. Marketing year shipments to all
destinations total 1.267 billion bushels, down 175 million or 12% from the
previous year. Shipments to date exceed the seasonal pace needed to reach
USDA's export target by August 31 by 5 million bushels. The low-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI are overbought but are neutral to
bullish signaling that sideways to higher prices are possible near-term. If
November extends this summer’s rally, psychological resistance crossing at
17.00 is the next upside target. Closes below the 20-day moving average
crossing at 15.23 3/4 would confirm that a top has been posted. First
resistance is today’s high crossing at 16.91 1/2. Second resistance is
psychological resistance crossing at 17.00. First support is the 10-day
moving average crossing at 15.90 1/4. Second support is the 20-day moving
average crossing at 15.23 3/4.

December soybean meal closed down $20.00 at $484.30.

December soybean meal posted a downside reversal as it closed lower on
Monday due to profit taking and fund liquidation in the face of renewed
concerns over Europe’s debt crisis. The low-range close sets the stage for a
steady to lower opening when Tuesday’s night session begins trading.
Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If December
extends this year’s rally into uncharted territory, upside targets will be
hard to project. Closes below the 20-day moving average crossing at 446.30
would confirm that a short-term top has been posted. First resistance is
today’s high crossing at 509.80. First support is the 10-day moving average
crossing at 467.20. Second support is the 20-day moving average crossing at
446.30.

December soybean oil closed down 60-pts. at 54.58.

December soybean closed lower due to spillover weakness from soybeans,
soybean meal and crude oil on Monday. The mid-range close sets the stage for
a steady opening when Tuesday’s night session begins trading. Stochastics
and the RSI are neutral to bearish hinting that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 54.07 would
confirm that a short-term top has been posted. If December renews the rally
off June’s low, the 87% retracement level of the April-June decline crossing
at 57.23 is the next upside target. First resistance is the reaction high
crossing at 56.00. Second resistance is the 87% retracement level of this
spring’s decline crossing at 57.23. First support is the 20-day moving
average crossing at 54.07. Second support is the reaction low crossing at
51.36.

LIVESTOCK

August hogs closed down $0.37 at $93.32.

August hogs closed lower due to profit taking on Monday as it consolidated
some of the gains off last week’s low. The low-range close sets the stage
for a steady to lower opening when Tuesday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If August extends last week’s rally, July’s high
crossing at 96.15 is the next upside target. If August renews this month’s
decline, June’s low crossing at 88.10 is the next downside target. First
resistance is last Friday’s high crossing at 94.25. Second resistance is
this month’s high crossing at 96.15. First support is last Monday’s low
crossing at 89.75. Second support is June’s low crossing at 88.10.

August cattle closed up $0.65 at 118.60.

August cattle closed higher on Monday and are poised to extend last week’s
rally. The high-range close sets the stage for a steady to higher opening
when Tuesday’s night session begins trading. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
August extends last week’s rally, the reaction high crossing at 120.55 is
the next upside target. If August renews this month’s decline, April’s low
crossing at 114.70 is the next downside target. First resistance is last
Thursday’s high crossing at 119.10. Second resistance is the reaction high
crossing at 120.55. First support is last Tuesday’s low crossing at 115.45.
Second support is April’s low crossing at 114.70.

August feeder cattle closed down $0.45 at $135.65.

August Feeder cattle closed lower on Monday and the low-range close sets the
stage for a steady to lower opening when Tuesday’s night session begins
trading. Stochastics and the RSI are turning neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above the
20-day moving average crossing at 143.40 would confirm that a short-term low
has been posted. If August renews this summer’s decline, weekly support
crossing at 132.66 is the next downside target. First resistance is the
10-day moving average crossing at 138.60. Second resistance is the 20-day
moving average crossing at 143.40. First support is last Tuesday’s low
crossing at 133.10. Second support is weekly support crossing at 132.66.

FOOD & FIBER

September coffee close lower on Monday and the mid-range close sets the
stage for a steady opening on Tuesday. Stochastics and the RSI are neutral
to bearish hinting that a short-term top might be in or is near. Closes
below the 20-day moving average crossing at 17.81 would temper the near-term
friendly outlook. If September extend the rally off June’s low, April’s high
crossing at 19.55 is the next upside target.

September cocoa closed higher on Monday but the mid-range close sets the
stage for a steady opening on Tuesday. Stochastics and the RSI are turning
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the last Thursday’s high crossing at 22.85 would
temper the near-term bearish outlook. If September renews this month’s
decline, the reaction low crossing at 20.85 is the next downside target.

October sugar closed lower due to profit taking on Monday as it consolidated
some of the rally off June’s low. The high-range close set the stage for a
steady to higher opening on Tuesday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If October extends the rally off June’s low, February’s
high crossing at 24.69 is the next upside target. Closes below the 20-day
moving average crossing at 22.15 would confirm that a short-term top has
been posted.

October cotton closed lower on Monday as it extends this month’s trading
range. The mid-range close sets the stage for a steady to higher opening on
Tuesday. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes above 75.00 or below
65.00 are needed to confirm a breakout of June’s trading range and point the
direction of the next trending move.

 


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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