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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Nov. 26

Nov 27, 2012

Monday Evening, November 26-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 down $0.32 at
$132.40 today. Prices closed near mid-range on some profit
taking from recent strong gains that on Friday saw the
market hit a fresh nine-week high and close at a
technically bullish weekly high close. The key outside
markets were in a mildly bearish posture for the cattle
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. Cattle bulls still have good upside
near-term technical momentum and have the overall near-term
technical advantage. A steep three-week-old uptrend is in
place on the daily bar chart. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the September high of $133.30. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$130.50. First resistance is seen at Friday’s high of
$132.90 and then at $133.30. First support is seen at
today’s low of $131.80 and then at $131.00. Wyckoff's
Market Rating: 7.0

January feeder cattle closed down $0.52 at $147.35 today.
Prices closed near mid-range today on profit taking after
prices Friday hit a fresh three-week high and closed at a
technically bullish weekly high close. The bulls still have
some upside near-term technical momentum to suggest that a
market low is in place. Bears do still have the overall
near-term technical advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $149.00.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
the November low of $144.37. First resistance is seen at
today’s and last week’s high of $147.90 and then at
$148.50. First support is seen at $146.95 and then at
$146.35. Wyckoff's Market Rating: 4.0

February lean hogs closed down $0.40 at $86.97 today.
Prices closed near the session low on profit taking after
hitting a fresh contract high late last week. The key
outside markets were in a mildly bearish posture for the
hot market today as the U.S. dollar index was firmer and
crude oil prices were weaker. The hog bulls still have the
solid overall near-term technical advantage as prices are
in a 10-week-old uptrend 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
$85.70. First resistance is seen at $87.50 and then at
today’s high of $88.00. First support is seen at last
week’s low of $86.95 and then at $86.20. Wyckoff's Market
Rating: 7.5

*. GRAINS: March corn futures were up 1 1/4 cents at 7.51
in late trading today. Prices were near mid-range and did
hit a fresh two-week high today. Gains in corn were limited
at the key outside markets were in a mildly bearish posture
for corn today as the U.S. dollar index was firmer and
crude oil prices were weaker. The corn market bulls are
regaining some upside near-term technical momentum as
prices on Friday closed at a technically bullish weekly
high close. Bulls now have the slight overall near-term
technical advantage. Corn bulls' next upside price
objective is to push and close prices above solid technical
resistance at the November high of $7.63 1/4. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
September low of $7.08 3/4. First resistance for March corn
is seen at today’s high of $7.57 and then at $7.60. First
support is seen at today’s low of $7.46 and then at $7.40.
Wyckoff's Market Rating: 5.5

January soybeans were up 6 1/2 cents at $14.25 1/4 a bushel
in late trading today. Prices were near mid-range and did
hit a fresh two-week high today on short covering. Soybean
bears still have the overall near-term technical advantage.
However, the bulls have gained just a bit of upside near-
term momentum as prices Friday closed at a technically
bullish weekly high close. An 11-week-old downtrend is
still in place on the daily bar chart, however. 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 $13.72 1/4. First resistance is seen at
today’s high of $14.35 1/2 and then at $14.50. First
support is seen at today’s low of $14.16 3/4 and then at
$14.00. Wyckoff's Market Rating: 3.0.

March soybean meal was up $4.30 at $418.70 in late trading
today. Prices were nearer the session high on short
covering. Meal bears still have the overall near-term
technical advantage. A 10-week-old downtrend is still 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 $435.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$400.00. First resistance comes in at last week’s high of
$420.70 and then at $425.00. First support is seen at
today’s low of $413.10 and then at $410.00. Wyckoff's
Market Rating: 3.0

March bean oil was up 3 points at 49.77 cents in late
trading today. Prices were near the session low, but did
hit a fresh three-week high early on. The key outside
markets were in a mildly bearish posture for the bean oil
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. The bulls have gained some upside
technical momentum after prices Friday produced a
technically bullish weekly high close. However, the 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 51.00 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at the
November low of 47.35 cents. First resistance is seen at
50.00 cents and then at today’s high of 50.28 cents. First
support is seen at 49.50 cents and then at 49.00 cents.
Wyckoff's Market Rating: 3.0

March Chicago SRW wheat was up 2 cents at $8.63 1/2 in late
trading today. Prices were near mid-range. The key outside
markets were in a mildly bearish posture for the wheat
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. Wheat bulls and bears are on a
level near-term technical playing field. Wheat bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $9.00 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the November low of $8.45. First
resistance is seen at today’s high of $8.69 and then at
$8.75. First support lies at today’s low of $8.58 1/4 and
then at $8.50. Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat was up 8 1/2 cents at $9.04 in late
trading today. Prices were nearer the session high and
scoring a bullish “outside day” up on the daily bar chart.
HRW bulls have regained the slight near-term technical
advantage. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $9.25. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
the September low of $8.85. First resistance is seen at
today’s high of $9.07 and then at $9.13 1/4. First support
is seen at today’s low of $8.93 and then at $8.85.
Wyckoff's Market Rating: 5.5

March oats were up 3/4 cents at $3.83 3/4 today in late
trading. Prices were nearer the session high. Oats bulls
have the slight overall near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at the
November low of $3.62 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $4.00. First support lies at
$3.80 and then at today’s low of $3.76. First resistance is
seen at $3.87 1/2 and then at last week’s high of $3.90
3/4. Wyckoff's Market Rating: 5.5

*. SOFTS: March sugar closed down 2 points at 19.16 cents
today. Prices closed near mid-range today. The key outside
markets were in a mildly bearish posture for the sugar
market today as the U.S. dollar index was firmer and crude
oil prices were weaker. Friday’s big downside price action
that produced a bearish weekly low close has deflated the
bulls. Sugar bears have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of 20.03 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the November low of
18.66 cents. First resistance is seen at today’s high of
19.34 cents and then at 19.50 cents. First support is seen
at 19.00 cents and then at 18.91 cents. Wyckoff's Market
Rating: 1.5.

March coffee closed down 265 points at 148.15 cents. Prices
closed nearer the session low today and hit a fresh 22-
month low. The key outside markets were in a mildly bearish
posture for the coffee market today as the U.S. dollar
index was firmer and crude oil prices were weaker. Coffee
bears have the solid overall near-term technical advantage.
Prices are in a seven-week-old downtrend on the daily bar
chart. The next upside breakout objective for the bulls is
to close prices above solid technical resistance at last
week’s high of 157.80 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 140.00 cents a pound. First
resistance is seen at 150.00 cents and then at today’s high
of 151.45 cents. First support is seen at today’s low of
147.60 cents and then at 145.00 cents. Wyckoff's Market
Rating: 1.0.

March cocoa closed down $26 at $2,490 a ton. Prices closed
near mid-range today on a corrective pullback from strong
gains Friday that did produce a bullish weekly high close.
The key outside markets were in a mildly bearish posture
for the cocoa market today as the U.S. dollar index was
firmer and crude oil prices were weaker. The cocoa bulls
have gained the slight 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 October high of $2,531. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the November low of
$2,322. First resistance is seen at $2,500 and then at last
week’s high of $2,520. First support is seen at today’s low
of $2,445 and then at $2,400. Wyckoff's Market Rating: 5.5

March cotton closed up 120 points at 72.63 cents today.
Prices closed nearer the session high today as trading has
turned choppy and volatile. Cotton 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 75.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at the November low of 69.79 cents. First resistance is
seen at last week’s high of 73.15 cents and then at 74.00
cents. First support is seen at 72.00 cents and then at
last week’s low of 71.28 cents. Wyckoff's Market Rating:
3.5.

January orange juice closed up 130 points at $1.2730 today.
Prices closed near mid-range today and hit a fresh 2.5-
month high. The frost season for citrus regions in the
southeastern U.S. is approaching, which is prompting
speculative buying in FCOJ. FCOJ bulls have good upside
momentum and have the overall near-term technical
advantage. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at the September high of $1.3010. The next
downside technical breakout objective for the FCOJ bears is
to produce a close below solid technical support at last
week’s low of $1.1430. First resistance is seen at $1.3010
and then at $1.3250. First support is seen at today’s low
of $1.2500 and then at $1.2175. Wyckoff's Market Rating:
6.5.

January lumber futures closed up $1.00 at $319.10 today.
Prices closed nearer the session high. Bulls still have the
overall near-term technical advantage, but are fading a
bit. The next downside technical breakout objective for the
lumber bears is pushing and closing prices below solid
technical support at $310.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at last week’s of
$330.20. First resistance is seen at $320.00 and then at
$321.20. First support is seen at last week’s low of
$317.00 and then at $315.00. Wyckoff's Market Rating: 6.5

*. METALS: February gold futures closed down $2.10 an ounce
at $1,751.70 today. Prices closed near mid-range today on
some mild profit-taking and chart consolidation after
prices Friday hit a fresh five-week high and closed at a
bullish weekly high close. The key “outside markets” were
also in a mildly bearish posture for gold today, as the
U.S. dollar index was firmer and crude oil prices were
weaker. A three-week-old uptrend line is now in place on
the daily bar chart. Gold bulls have the solid overall
near-term technical advantage. The gold bulls’ next upside
price breakout objective is to produce a close above solid
technical resistance at the October high of $1,800.00.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at $1,700.00.
First resistance is seen at Friday’s high of $1,757.10 and
then at $1,765.00. First support is seen at today’s low of
$1,748.30 and then at $1,741.30. Wyckoff’s Market Rating:
7.5

March silver futures closed down $0.011 an ounce at $34.105
today. Prices closed near mid-range today and hit another
fresh seven-week high. The key “outside markets” were in a
mildly bearish posture for silver today, as the U.S. dollar
index was firmer and crude oil prices were weaker. Prices
Friday scored sharp gains to post a bullish weekly high
close. A three-week-old uptrend is in place on the daily
bar chart. Silver bulls have the solid overall near-term
technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at the October high of $35.445 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at $32.50.
First resistance is seen at today’s high of $34.225 and
then at $34.50. Next support is seen at today’s low of
$33.885 and then at $33.50. Wyckoff's Market Rating: 7.5.

March N.Y. copper closed up 75 points at 354.65 cents
today. Prices closed nearer the session high today on short
covering. Prices did poke to a fresh three-week high today.
Copper bears still have the overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 360.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the November low of 341.45 cents. First
resistance is seen at the November high of 357.65 cents and
then at 360.00 cents. First support is seen at today’s low
of 351.80 cents and then at 350.00 cents. Wyckoff's Market
Rating: 4.0.

*. ENERGIES: January crude oil closed down $0.56 a barrel
at $87.72 today. Prices closed near mid-range today. A
firmer U.S. dollar index today did pressure crude oil.
Crude oil bears still have the overall near-term technical
advantage. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above solid technical resistance at $90.00 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 the November low of $84.53. First resistance is
seen at today’s high of $88.29 and then at $89.00. First
support is seen at $87.00 and then at $86.00. Wyckoff's
Market Rating: 4.0

January heating oil closed down 258 points at $3.0598
today. Prices closed nearer the session low today. Bulls
have the slight near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $3.1500. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0000. First resistance
lies at last week’s high of $3.1026 and then at $3.1250.
First support is seen at $3.0500 and then at $3.0275.
Wyckoff's Market Rating: 5.5.

January (RBOB) unleaded gasoline closed down 156 points at
$2.7052 today. Prices closed nearer the session low today.
Bulls have the overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
October high of $2.8241. Bears' next downside price
breakout objective is closing prices below solid support at
$2.6200. First resistance is seen at today’s high of
$2.7039 and then at last week’s high of $2.7505. First
support is seen at $2.6750 and then at last week’s low of
$2.6595. Wyckoff's Market Rating: 6.0.

January natural gas closed down 16.0 cents at $3.87 today.
Prices closed nearer the session low today and saw profit
taking after prices Friday hit a four-week high and closed
at a bullish weekly high close. 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 October high of $4.088. The
next downside price breakout objective for the bears is
closing prices below solid technical support at $3.78.
First resistance is seen at $3.95 and then at $4.00. First
support is seen at today’s low of $3.841 and then at $3.78.
Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 23 points at 1.2978 today. Prices closed near
mid-range today on a corrective pullback from strong gains
Friday that saw prices hit a fresh three-week high and
closed at a bullish weekly high close. The Euro bulls have
gained fresh upside near-term technical momentum and have
the slight overall near-term technical advantage. A four-
week-old downtrend on the daily bar chart was negated on
Friday. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the October high of 1.3155. The next downside price
breakout objective for the bears is closing prices below
solid chart support at the November low of 1.2680. First
resistance for the Euro lies at Friday’s high of 1.3006 and
then at 1.3050. Next support is seen at 1.2950 and then at
1.2900. Wyckoff's Market Rating: 5.5

The March Japanese yen closed up 39 points at 1.2193 today.
Prices closed nearer the session high today on short
covering in a bear market after prices Friday hit a 7.5-
month low. Bears still have the solid overall near-term
technical advantage. Prices are in a steep nine-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at last week’s high of 1.2345. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.2000. First resistance is seen at today’s high
of 1.2220 and then at 1.2258. First support is seen at
today’s low of 1.2119 and then at Friday’s low of 1.2088.
Wyckoff's Market Rating: 1.5.

The March Swiss franc closed down 15 points at 1.0788
today. Prices closed nearer the session high today and saw
mild profit taking after prices Friday hit a four-week high
and closed at a bullish weekly high close. The Swissy bulls
have regained the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the October high of
1.0874. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of 1.0555. First resistance is seen at
Friday’s high of 1.0842 and then at 1.0874. First support
is seen at 1.0750 and then at 1.0700. Wyckoff's Market
Rating: 6.0.

The March Australian dollar closed down 6 points at 1.0364
today. Prices closed nearer the session high on a mild
pullback from Friday’s gains that saw prices hit a fresh
nine-week high and close at a bullish weekly high close.
Bulls have the overall near-term technical advantage and
have gained fresh upside momentum recently. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at the September high of 1.0470. The
next downside breakout objective for the bears is to
produce a close below solid technical support at the
November low of 1.0203. First resistance is seen at
Friday’s high of 1.0375 and then at 1.0400. Next support is
seen at 1.0300 and then at 1.0250. Wyckoff's Market Rating:
7.0

The March Canadian dollar closed down 20 points at 1.0039
today. Prices closed near mid-range today on a corrective
pullback from Friday’s solid gains that produced a bullish
weekly high close. Bears still have the near-term technical
advantage but the bulls have gained some upside momentum
recently. Bulls' next upside price breakout objective is
producing a close above chart resistance at the November
high of 1.0095. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the November low of .9919. First resistance is
seen at last week’s high of 1.0061 and then at 1.0095.
First support is seen at today’s low of 1.0017 and then at
1.0000. Wyckoff's Market Rating: 4.0.

The March British pound closed down 25 points at 1.6016
today. Prices closed near mid-range today. Bull have
regained the overall near-term technical advantage with
Friday’s big gains and a bullish weekly high close. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
November high of 1.6140. Bears' next downside technical
breakout objective is closing prices below solid support at
the November low of 1.5828. First resistance is seen at
last week’s high of 1.6048 and then at 1.6100. First
support is seen at 1.6000 and then at 1.5950. Wyckoff's
Market Rating: 5.5.

The March U.S. dollar index closed up 3 points at 80.47
today. Prices closed near mid-range today. The bulls have
faded and are now back on a level near-term technical
playing field. Bulls' next upside price breakout objective
is to close prices above solid technical resistance at the
November high of 81.70. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 80.00. Next resistance lies at 80.75
and then at 81.00. First support is seen at last week’s low
of 80.38 and then at 80.00. Wyckoff's Market Rating: 5.0.

March U.S. T-Bonds closed up 17/32 at 149 7/32 today.
Prices closed near mid-range today and saw some short
covering and perceived bargain hunting. Bulls have the
overall technical advantage but have faded a bit. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 146 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
November high of 151 10/32. First resistance is seen at
today’s high of 149 26/32 and then at 150 even. First
support is seen at today’s low of 148 20/32 and then at 148
even. Wyckoff's Market Rating: 6.0.

March U.S. T Notes closed up 7.0 (32nds) at 133.01.5 today.
Prices closed near mid-range today. Bulls have the overall
near-term technical advantage, but have faded a bit
recently. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
November high of 133.27.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the November low of 131.24.5. First
resistance is seen at today’s high of 133.07.5 and then at
133.16.0. First support is seen at today’s low of 132.25.0
and then at 132.16.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. Bears still have the slight near-term
technical advantage in the stock indexes, but the bulls are
showing some strength to just begin to suggest market
bottoms might now be in place. Prices last Friday closed at
bullish weekly high closes. U.S. traders and investors came
back from the Thanksgiving holiday Monday and are again
focusing on the negotiations among U.S. lawmakers and
President Obama regarding the so-called “fiscal cliff” tax
increases and spending cuts that are approaching. Congress
comes back from its Thanksgiving break this week, so there
will likely be some more news on the fiscal cliff front
this week, which could be market-sensitive. The markets
showed little reaction to Monday’s U.S. economic data that
showed a weaker Texas manufacturing survey and a weaker
Chicago Fed national business activity index. In overnight
trading, the European markets were quieter and are awaiting
the results of yet another key meeting of Euro zone leaders
in Brussels Monday, to decide when and how to disburse
fresh bailout funds to cash-starved Greece. Most market
watchers think EU leaders will grant new monies to Greece
very soon, if not Monday. It was reported Monday that
German consumer confidence has dropped just ahead of the
Christmas season. The latest auctions of 6- and 12-month
German treasury bills are still yielding negative returns,
as has been the case since July. Such suggests European
investors are still very wary of the European Union
sovereign debt crisis being resolved any time soon.

The Nasdaq stock futures index closed up 13.75 at 2,648.00.
Prices closed nearer the session high again today and saw
more short covering. 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 June
low of 2,433.75. First resistance is seen at 2,675.00 and
then at 2,700.00. First support is seen at today’s low of
2,623.00 and then at 2,600.00. Wyckoff's Market Rating: 4.0

The S&P 500 futures index closed down 2.00 at 1,403.30.
Prices closed nearer the session high. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the November high of 1,431.40. The next
downside price breakout objective for the bears is closing
prices below solid support at the July low of 1,320.00.
First resistance is seen at Friday’s high of 1,407.20 and
then at 1,420.00. First support is seen at today’s low of
1,395.20 and then at Friday’s low of 1,387.10. Wyckoff's
Market Rating: 4.0.

The Dow futures closed down 25 points at 12,936. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the November high of 13,225. The
next downside price objective for the bears is closing
prices below solid technical support at the July low of
12,425. First resistance in the Dow lies at Friday’s high
of 12,983 and then at 13,000. First support is seen at
today’s low of 12,875 and then at 12,800. Wyckoff's Market
Rating: 4.0.

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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