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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 14

May 15, 2012

Monday Evening, May 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: June live cattle closed up $1.00 at $116.15
today. Prices closed nearer the session high today and saw
short covering in a bear market. Today’s price action did
keep in place a three-week-old uptrend from the April low.
The fact that cattle were able to make some gains amid
bearish outside markets—higher U.S. dollar index and
solidly lower crude oil prices—was also a bit encouraging
to the cattle bulls. Cattle bears still have the overall
near-term technical advantage. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at $117.70. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $114.00.
First resistance is seen at last week’s high of $116.97 and
then at $117.70. First support is seen at today’s low of
$115.10 and then at $114.60. Wyckoff's Market Rating: 3.5

August feeder cattle closed down $0.27 at $157.20 today.
Prices closed near the session high today. The bulls have
faded just recently and are back on a level near-term
technical playing field with the bears. The next upside
price objective for the feeder bulls is to push and close
prices above solid technical resistance at last week’s high
of $159.75. The next downside price breakout objective for
the bears is to push and close prices below solid technical
support at $155.00. First resistance is seen at $157.50 and
then at $158.10. First support is seen at today’s low of
$156.20 and then at $155.50. Wyckoff's Market Rating: 5.0

June lean hogs closed up $0.07 at $85.37 today. Prices
closed near mid-range today. The key “outside markets” were
bearish for hogs today as the U.S. dollar index was higher,
while crude oil prices were sharply lower. Hog bears have
the solid overall near-term technical advantage. Prices are
in a steep 11-week-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
$87.50. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
the contract low of $82.95. First resistance is seen at
last week’s high of $85.90 and then at $86.50. First
support is seen at $84.75 and then at $84.00. Wyckoff's
Market Rating: 1.5

*. GRAINS: July corn futures closed up 1 cent at $5.82
today. Prices closed near mid-range today on tepid short
covering in a bear market. The key “outside markets” were
bearish for corn today as the U.S. dollar index was higher,
while crude oil prices were sharply lower. Corn prices
Friday hit a 14-month low and closed at a bearish weekly
low close. Serious near-term technical damage has been
inflicted recently. It’s going to take a serious weather
market scare this summer to jump-start any serious price
rally in the corn market. Corn bulls' next upside price
breakout objective is to push and close prices above
psychological resistance at $6.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $5.70. First
resistance for July corn is seen at today’s high of $5.86
3/4 and then at $5.91 4/5. First support is seen at today’s
low of $5.76 1/4 and then at last week’s low of $5.72 1/4.
Wyckoff's Market Rating: 1.0

July soybeans closed down 19 1/2 cents at $13.86 1/2 a
bushel today. Prices closed nearer the session low today
and hit a fresh six-week low on heavy profit-taking
pressure. The key “outside markets” were bearish for
soybeans today as the U.S. dollar index was higher, while
crude oil prices were sharply lower. Bean bulls still have
the slight overall near-term technical advantage but have
faded badly and need to show fresh power soon. A four-
month-old uptrend on the daily bar chart has been negated.
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 $13.60.
First resistance is seen at $14.00 and then at today’s high
of $14.06 3/4. First support is seen at today’s low of
$13.76 and then at $13.60. Wyckoff's Market Rating: 6.0.

July soybean meal closed down $5.00 at $403.50 today.
Prices closed near mid-range today and hit a fresh three-
week low. Meal bulls still have the overall near-term
technical advantage but are fading and need to show fresh
power soon. A four-month-old uptrend on the daily bar chart
has been negated. 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 $386.00. First resistance comes
in at $405.50 and then at $408.40. First support is seen at
$400.00 and then at today’s low of $398.40. Wyckoff's
Market Rating: 6.0

July bean oil closed down 94 points at 51.30 cents today.
Prices closed nearer the session low today and hit a fresh
four-month low. The key “outside markets” were bearish for
bean oil today as the U.S. dollar index was higher, while
crude oil prices were sharply lower. Bean oil bears have
the solid near-term technical advantage. Bean oil prices
have been trending lower for five weeks. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at
53.25 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 50.00 cents. First resistance is
seen at 51.50 cents and then at 51.75 cents. First support
is seen at today’s low of 50.98 cents and then at the
January low of 50.87 cents. Wyckoff's Market Rating: 3.0

July Chicago SRW wheat closed up 1 1/4 cents at $5.98 1/4
today. Prices closed near mid-range today and matched
Friday’s contract low. The key “outside markets” were
bearish for wheat today as the U.S. dollar index was
higher, while crude oil prices were sharply lower. Wheat
bears have the solid overall near-term technical advantage.
Bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$6.25 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at $5.75. First resistance is
seen at $6.09 1/4 and then at $6.18. First support lies at
today’s contract low of $5.92 1/4 and then at $5.85.
Wyckoff's Market Rating: 1.0.

July K.C. HRW wheat closed up 4 1/2 cents at $6.14 1/2
today. Prices closed near mid-range today and saw tepid
short covering in a bear market. Prices Friday hit a 23-
month low. The 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 $6.40. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $6.00. First resistance is seen
at $6.21 1/2 and then at $6.30 1/2. First support is seen
at Friday’s low of $6.10 and then at $6.00. Wyckoff's
Market Rating: 1.0

July oats closed down 3 1/2 cents at $3.28 1/2 today.
Prices closed near mid-range today and hit a fresh three-
week low. Bulls have faded and are now on a level near-term
technical playing field with the bears. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at the April low of
$3.22. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at last $3.40. First support lies at today’s low of $3.26
and then at $3.25. First resistance is seen at today’s high
of $3.32 1/4 and then at $3.35. Wyckoff's Market Rating:
5.0

*. SOFTS: July sugar closed down 5 points at 20.27 cents
today. Prices closed nearer the session high today and hit
a fresh 12-month low. The key “outside markets” were
bearish for sugar today as the U.S. dollar index was
higher, while crude oil prices were sharply lower. Sugar
bears have the solid overall near-term technical advantage.
There are no early technical clues to suggest a market low
is in place. Prices are in a seven-week-old downtrend on
the daily bar chart. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of 21.17 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 20.00 cents. First
resistance is seen at 20.50 cents and then at 20.70 cents.
First support is seen at today’s low of 20.07 cents and
then at 20.00 cents. Wyckoff's Market Rating: 1.0.

July coffee closed up 55 points at 177.70 cents. Prices
closed nearer the session high today and saw tepid short
covering in a bear market. The key “outside markets” were
bearish for coffee today as the U.S. dollar index was
higher, while crude oil prices were sharply lower. Coffee
prices are in an 8.5-month-old downtrend on the daily bar
chart. The bears still have the solid overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at the May high of 185.40 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 170.00 cents a
pound. First resistance is seen at 180.00 cents and then at
182.50 cents. First support is seen at 175.00 cents and
then at today’s low of 173.90 cents. Wyckoff's Market
Rating: 2.0

July cocoa closed down $78 at $2,241 a ton. Prices closed
nearer the session low today and hit a fresh two-week low.
The key “outside markets” were bearish for cocoa today as
the U.S. dollar index was higher, while crude oil prices
were sharply lower. 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 the May high of $2,363.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,146. First resistance is seen at $2,250 and then at
$2,275. First support is seen at today’s low of $2,220 and
then at $2,200. Wyckoff's Market Rating: 4.0

July cotton closed down 15 points at 78.82 cents today.
Prices closed near mid-range today and hit a fresh 1.5-year
low today. The key “outside markets” were bearish for
cotton today as the U.S. dollar index was higher, while
crude oil prices were sharply lower. The cotton bears have
the solid near-term technical advantage. There are no early
clues of a market low being close at hand. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at 82.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at 75.00 cents. First resistance is seen at 80.00 cents and
then at 81.00 cents. First support is seen at today’s low
of 77.85 cents and then at last week’s low of 77.16 cents.
Wyckoff's Market Rating: 1.0

July orange juice closed down 535 points at $1.1720 today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for FCOJ today as the U.S.
dollar index was higher, while crude oil prices were
sharply lower. FCOJ bears have the solid overall near-term
technical advantage. There are still no early clues of a
market low being close at hand. Prices are in a 3.5-month-
old downtrend on the daily bar chart. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.3000. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.1000. First resistance is seen at $1.2000 and then at
today’s high of $1.2380. First support is seen at today’s
low of $1.150 and then at last week’s low of $1.1230.
Wyckoff's Market Rating: 1.0.

July lumber futures closed steady at $285.10 today. Bulls
and bears are on a level near-term technical playing field.
The next downside technical breakout objective for the
lumber bears is pushing and closing prices below solid
technical support at $275.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at last week’s high
of $288.00. First resistance is seen at $286.30 and then at
$288.00. First support is seen at $284.00 and then at
$282.50. Wyckoff's Market Rating: 5.0

*. METALS: June gold futures closed down $20.10 an ounce at
$1,563.90 today. Prices closed nearer the session low today
and hit a fresh 4.5-month low. The key “outside markets”
were in a bearish posture for gold today, as the U.S.
dollar index was higher and the crude oil market was
solidly lower. Serious near-term chart damage has been
inflicted recently. Gold bears have the solid near-term
technical advantage. A 2.5-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 $1,600.00. Bears' next near-
term downside price objective is closing prices below
technical support at the December low of $1,528.60. First
resistance is seen at $1,575.00 and then at Monday’s high
of $1,585.80. First support is seen at today’s low of
$1,555.00 and then at $1,550.00. Wyckoff's Market Rating:
3.0.

July silver futures closed down $0.51 an ounce at $28.36
today. Prices closed nearer the session low today and hit a
fresh 4.5-month low. The key “outside markets” were in a
bearish posture for silver today, as the U.S. dollar index
was higher and the crude oil market was solidly lower.
Silver prices are in a 2.5-month-old downtrend on the daily
bar chart. The silver bears have the solid near-term
technical advantage. Bulls’ next upside price breakout
objective is closing prices above psychological resistance
at $30.00 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the December low of $26.50. First
resistance is seen at today’s high of $29.00 and then at
$29.50. Next support is seen today’s low of at $28.205 and
then at $28.00. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 1,025 points 354.55 cents
today. Prices closed near the session low today and hit a
fresh four-month low. The key “outside markets” were in a
bearish posture for copper today, as the U.S. dollar index
was higher and the crude oil market was solidly lower.
Copper bears now have the near-term technical advantage.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 371.35
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
350.00 cents. First resistance is seen at 357.75 cents and
then at 360.00 cents. First support is seen at today’s low
of 354.25 cents and then at 352.50 cents. Wyckoff's Market
Rating: 4.0.

*. ENERGIES: June crude oil closed down $1.70 a barrel at
$94.43 today. Prices closed near mid-range today and hit a
fresh 4.5-month low. The bears have the solid overall near-
term technical advantage. Prices today saw a downside
“breakout” from a bearish pennant pattern on the daily bar
chart. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above major
psychological resistance at $100.00 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 $92.50. First resistance is seen at $95.00 and
then at today’s high of $95.83. First support is seen at
today’s low of $93.65 and then at $93.00. Wyckoff's Market
Rating: 3.0

June heating oil closed down 474 points at $2.9162 today.
Prices closed near the session low and hit a fresh 4.5-
month low today. Bears have the solid near-term technical
advantage as prices are in a 2.5-month-old downtrend on the
daily bar chart. Prices today saw a breakout from a bearish
pennant pattern on the daily bar chart. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $3.0250. Bears' next downside
price breakout objective is producing a close below solid
technical support at $2.8000. First resistance lies at
$2.9500 and then at today’s high of $2.9636. First support
is seen at today’s low of $2.9144 and then at $2.9000.
Wyckoff's Market Rating: 3.0.

June (RBOB) unleaded gasoline closed down 514 points at
$2.9494 today. Prices closed nearer the session low today
and closed at a 3.5-month low close. Bears have the near-
term technical advantage. A seven-week-old downtrend is
still in place on the daily bar chart. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at $3.0500. Bears' next
downside price breakout objective is closing prices below
solid support at $2.8500. First resistance is seen at
$2.9750 and then at $3.0000. First support is seen at
today’s low of $2.9432 and then at last week’s low of
$2.9102. Wyckoff's Market Rating: 3.0.

June natural gas closed down 8.4 cents at $2.425 today.
Prices closed nearer the session low today and saw a
corrective pullback from recent gains. The bulls still have
some upside near-term technical momentum. The bears do
still have the overall near-term technical advantage,
however. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$2.60. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$2.25. First resistance is seen at last week’s high of
$2.531 and then at $2.60. First support is seen at $2.38
and then at $2.35. Wyckoff's Market Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 81 points at 1.2843 today. Prices closed nearer
the session low today and hit a fresh four-month low. Bears
have the solid near-term technical advantage. Prices are in
an 11-week-old downtrend on the daily bar chart. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at 1.3100.
The next downside price breakout objective for the bears is
closing prices below solid chart support at the January low
of 1.2645. First resistance for the Euro lies at today’s
high of 1.2907 and then at 1.2959. Next support is seen at
today’s low of 1.2826 and then at 1.2800. Wyckoff's Market
Rating: 2.5

The June Japanese yen closed up 2 points at 1.2525 today.
Prices closed near mid-range today. Bulls still have the
overall near-term technical advantage. Prices are in a
gentle two-month-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.2700. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.2233. First resistance is seen at today’s high
of 1.2553 and then at last week’s high of 1.2595. First
support is seen at today’s low of 1.2475 and then at
1.2409. Wyckoff's Market Rating: 6.0.

The June Swiss franc closed down 67 points at 1.0694 today.
Prices closed nearer the session low today and hit a fresh
four-month low. The bears have the solid near-term
technical advantage in the Swissy. Prices are in a 2.5-
month-old downtrend. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0900. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the January low of 1.0489. First
resistance is seen at today’s high of 1.0746 and then at
1.0789. First support is seen at today’s low of 1.0681 and
then at 1.0650. Wyckoff's Market Rating: 2.5.

The June Australian dollar closed down 55 points at .9935
today. Prices closed nearer the session low today hit a
fresh 4.5-month low. Bears have the near-term technical
advantage and gained more downside momentum today. Prices
are in a 10-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at 1.0200. The next
downside breakout objective for the bears is to produce a
close below solid technical support at .9800. First
resistance is seen at today’s high of 1.0001 and then at
1.0046. Next support is seen at today’s low of .9922 and
then at .9900. Wyckoff's Market Rating: 3.0

The June Canadian dollar closed down 22 points at .9968
today. Prices closed near mid-range today. Prices Friday
hit a nearly four-month low. Bulls are fading and are on a
level near-term technical playing field with the bears.
Bulls' next upside price breakout objective is producing a
close above chart resistance at 1.0100. The next downside
price breakout objective for the bears is closing prices
below solid technical support at .9900. First resistance is
seen at today’s high of .9999 and then at 1.0038. First
support is seen at today’s low of .9939 and then at last
week’s low of .9910. Wyckoff's Market Rating: 5.0.

The June British pound closed up 25 points at 1.6092 today.
Prices closed near mid-range today. Bulls have the overall
near-term technical advantage. Prices are still in a four-
month-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 April high of
1.6298. Bears' next downside technical breakout objective
is closing prices below solid support at 1.6000. First
resistance is seen at today’s high of 1.6121 and then at
last week’s high of 1.6195. First support is seen at
today’s week’s low of 1.6047 and then at 1.6000. Wyckoff's
Market Rating: 6.0.

The June U.S. dollar index closed up 41 points at 80.81
today. Prices closed near the session high today and hit a
fresh two-month high. Bulls have good upside near-term
technical momentum and have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at the
March high of 81.16. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 79.50. Next resistance lies at 81.00
and then at 81.16. First support is seen at today’s low of
80.49 and then at 80.21. Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed up 1 4/32 at 146 8/32 today.
Prices closed nearer the session high today and soared to a
fresh contract high on safe-haven investment demand. Bulls
have the solid overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart. There are no early technical clues to suggest a
market top is close at hand. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at last week’s low of 143
18/32. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at 147
even. First resistance is seen at today’s contract high of
146 15/32 and then at 147 even. First support is seen at
146 even and then at 145 8/32. Wyckoff's Market Rating:
8.5.

June U.S. T Notes closed up 12.5 (32nds) at 133.15.0 today.
Prices closed near the session high today and hit a fresh
contract high. Bulls have the solid overall near-term
technical advantage. Prices are in 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 134.00.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at last week’s low of 132.17.5. First
resistance is seen at today’s contract high of 133.19.5 and
then at 134.00.0. First support is seen at today’s low of
133.03.0 and then at 132.28.0. Wyckoff's Market Rating: 8.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly lower today. The market place is very jittery to
start the trading week. The European Union debt crisis has
intensified. More weak EU economic data was issued Monday.
There is Greek political disarray as no coalition
government has formed and fresh elections are likely. There
are rising Italian and Spanish bond yields, with Spanish
yields above the critical 6% level. And, a major region in
German saw its electorate rebuke German leader Merkel’s
austerity policies. The EU debt situation is also sharing
the spotlight with China Monday as its monetary authorities
loosened monetary policy over the weekend by reducing
reserve requirement ratios on domestic bank reserves. The
move follows recent weaker-than-expected Chinese economic
data. And there is still fallout from the big news late
last week when JP Morgan announced a $2 billion or more
trading loss in just a few weeks’ time. All this has
created keen trader/investor uncertainty in the market
place, which is bearish for the U.S. stock indexes. This
week looks to be an extra important trading week for many
markets.

The Nasdaq stock futures index closed down 25.75 at
2,585.00. Prices closed near the session low and hit a
fresh 11-week low today. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,700.00. The bears' next downside price breakout objective
is closing prices below solid technical support at the
March low of 2,575.00. First resistance is seen at 2,600.00
and then at today’s high of 2,613.00. First support is seen
at 2,575.00 and then at 2,550.00. Wyckoff's Market Rating:
5.0

The S&P 500 futures index closed down 16.30 at 1,333.70.
Prices closed near the session low today and hit a fresh
13-week low. Bulls' next upside price breakout objective is
closing prices above solid resistance at the March high of
1,419.60. The next downside price breakout objective for
the bears is closing prices below solid support at
1,300.00. First resistance is seen at today’s high of
1,350.80 and then at 1,363.00. First support is seen at
today’s low of 1,333.50 and then at 1,325.00. Wyckoff's
Market Rating: 5.0.

The Dow futures closed down 133 points at 12,655 today.
Prices closed nearer the session low today and hit a fresh
3.5-month low. The next upside price objective for the
bulls is closing prices above solid technical resistance at
the May high of 13,280. The next downside price objective
for the bears is closing prices below solid technical
support at 12,500. First resistance in the Dow lies at
today’s high of 12,715 and then at 12,750. First support is
seen at today’s low of 12,635 and then at 12,600. Wyckoff's
Market Rating: 5.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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