Jul 26, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Oct. 18

Oct 19, 2012

Thursday Evening, October 18-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: December live cattle closed up $0.47 at
$128.07 today. Prices closed near mid-range today and hit
another fresh three-week high. Cash cattle market
fundamentals are on the upswing and bulls also have gained
fresh upside technical momentum and have the slight near-
term technical advantage. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at $129.50. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at this week’s
low of $125.45. First resistance is seen at today’s high of
$128.30 and then at $128.85. First support is seen at
$127.65 and then at $127.00. Wyckoff's Market Rating: 5.5

November feeder cattle closed down $0.15 at $149.12 today.
Mild profit taking was featured today after prices hit a
four-week high Wednesday. Recent lower grain prices are
also supportive for feeders. Feeder bulls still have upside
technical momentum and have the near-term technical
advantage. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at $152.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $146.00. First
resistance is seen at the September high of $149.52 and
then at $150.00. First support is seen at $148.57 and then
at $148.00. Wyckoff's Market Rating: 6.0

December lean hogs closed down $0.37 at $78.80 today.
Prices closed nearer the session low today and saw modest
profit taking after prices hit a 2.5-month high on
Wednesday. The firmer U.S. dollar index today did help to
pressure hogs. Hog market bulls still have the overall
near-term technical advantage. A six-week-old uptrend is in
place 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 $80.75. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $76.55. First
resistance is seen at today’s high of $79.35 and then at
$80.00. First support is seen at today’s low of $78.60 and
then at this week’s low of $78.10. Wyckoff's Market Rating:
6.5

*. GRAINS: December corn futures were up 15 1/2 cents at
7.61 in late trading today. Prices were near the session
high. More bargain hunting was featured today on notions
the overall world supply and demand balance for corn
remains extremely bullish. Corn prices are now moving above
key chart support at last week’s low of $7.32 1/4, which is
a bullish clue to suggest prices can continue to trend
sideways to higher. A close below that level would open up
downside potential to the $7.00 area. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at last week’s high of $7.76.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $7.32 1/4. First resistance for December
corn is seen at $7.68 1/2 and then at $7.76. First support
is seen at $7.50 and then at today’s low of $7.44 1/2.
Wyckoff's Market Rating: 6.0

November soybeans were up 30 1/2 cents at $15.39 3/4 a
bushel in late trading today. Prices were nearer the
session high and saw more short covering and bargain
hunting. Recent good export demand is also bullish for
soybeans. Bulls and bears are now back on a level near-term
technical playing field. However, a six-week-old downtrend
on the daily bar chart is still in place and bulls have
more work to do to suggest an uptrend can be sustained. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing November prices above
solid technical resistance at last week’s high of $15.74 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at this week’s low of $14.85 3/4. First resistance
is seen at today’s high of $15.47 3/4 and then at $15.53
1/2. First support is seen at $15.20 and then at today’s
low of $15.07 1/2. Wyckoff's Market Rating: 5.0.

December soybean meal was up $5.90 at $460.60 in late
trading today. Prices were near mid-range. Short covering
and bargain hunting were featured. Meal bears still have
the slight near-term technical advantage. Prices are in a
six-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at last week’s
high of $479.50. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $450.00. First resistance comes in at
today’s high of $465.80 and then at $470.00. First support
is seen at today’s low of $454.70 and then at this week’s
low of $450.20. Wyckoff's Market Rating: 4.5

December bean oil was up 102 points at 52.05 cents in late
trading today. Prices were nearer the session high and hit
a fresh three-week high on short covering in a bear market.
Bean oil bears still have the overall near-term technical
advantage. A six-week-old downtrend on the daily bar chart
was negated today. The next upside price breakout objective
for the bean oil bulls is pushing and closing prices above
solid technical resistance at 53.50 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 today’s high of 52.39
cents and then at the October high of 52.65 cents. First
support is seen at 51.64 cents and then at 51.40 cents.
Wyckoff's Market Rating: 3.5

December Chicago SRW wheat was up 13 1/4 cents at $8.69 1/2
in late trading today. Prices were nearer the session high
on more short covering and bargain hunting. Bulls today
regained the slight near-term technical advantage. 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 this week’s low of $8.40
1/4. First resistance is seen at today’s high of $8.76 and
then at $8.85. First support lies at today’s low of $8.55
1/2 and then at $8.50. Wyckoff's Market Rating: 5.5.

December K.C. HRW wheat was up 12 1/4 cents at $9.06 in
late trading today. Prices were nearer the session high on
more short covering and bargain hunting. Trading remains in
a choppy and sideways trading range at higher price levels.
The HRW bulls have the overall near-term technical
advantage and are regaining some upside momemtum. Bulls’
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $9.29 3/4. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at the September low of $8.72 1/2. First resistance is seen
at today’s high of $9.12 1/4 and then at $9.20. First
support is seen at $9.00 and then at today’s low of $8.92
1/4. Wyckoff's Market Rating: 6.5

December oats were down 1/4 cent at $3.95 1/2 today in late
trading. Prices were nearer the session low after hitting
another fresh five-week high early on today. Oats bulls
have the near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.75. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the September
high of $4.14. First support lies at today’s low of $3.91
1/2 and then at $3.88. First resistance is seen at $4.00
and then at today’s high of $4.04 1/2. Wyckoff's Market
Rating: 7.0

*. SOFTS: March sugar closed down 19 points at 19.92 cents
today. Prices closed near mid-range today and hit a fresh
four-week low. The firmer U.S. dollar today was bearish for
sugar. Sugar bears have the solid near-term technical
advantage and gained more downside momentum today. Bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at 21.00 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at the
September low of 19.48 cents. First resistance is seen at
today’s high of 20.18 cents and then at this week’s high of
20.29 cents. First support is seen at today’s low of 19.67
cents and then at 19.48 cents. Wyckoff's Market Rating:
2.0.

December coffee closed down 270 points at 158.80 cents.
Prices closed near mid-range and hit a fresh six-week low
today. A firmer U.S. dollar index today pressured coffee.
Coffee bears have the solid near-term technical advantage.
However, it’s around present price levels that recent
downtrends have been halted. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at 170.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the September low of
156.55 cents a pound. First resistance is seen at today’s
high of 161.55 cents and then at this week’s high of 163.45
cents. First support is seen at today’s low of 157.15 cents
and then at 156.55 cents. Wyckoff's Market Rating: 1.5

December cocoa closed up $36 at $2,421 a ton. Prices closed
nearer the session high today. Trading has turned choppy.
Bears have the slight overall 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 last week’s high of $2,453. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,300. First resistance is seen at $2,453 and then at
$2,475. First support is seen at $2,400 and then at today’s
low of $2,377. Wyckoff's Market Rating: 4.5

December cotton closed down 14 points at 77.72 cents today
in a wide trading range. Prices hit another fresh five-
month high today. Prices this week have been boosted by a
possible “short squeeze” in the market following news of
very tight U.S. certificated stocks of cotton. A firmer
U.S. dollar index today did limit buying interest in
cotton. Still, this week’s price action in cotton has
produced a big and bullish upside “breakout” from the
recent sideways trading range at lower price levels. Bulls
have solid upside technical momentum and have the near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 80.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at 72.00
cents. First resistance is seen at today’s high of 79.19
cents and then at 80.00 cents. First support is seen at
77.00 cents and then at 76.00 cents. Wyckoff's Market
Rating: 7.0

November orange juice closed down 285 points at $1.1450
today. Prices closed nearer the session low today. Bears
still 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 October high of $1.1995. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at the October low of
$1.0870. First resistance is seen at $1.1695 and then at
today’s high of $1.1785. First support is seen at $1.1250
and then at this week’s low of $1.1055. Wyckoff's Market
Rating: 3.5.

November lumber futures closed down $1.00 at $302.80 today.
Prices closed nearer the session high. Prices today hit
another fresh two-month high. Bulls have the solid near-
term technical advantage. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $288.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the August high of $308.00. First resistance is seen at
$305.00 and then at $308.00. First support is seen at
today’s low of $300.00 and then at $297.50. Wyckoff's
Market Rating: 8.0

*. METALS: December gold futures closed down $8.10 an ounce
at $1,744.90 today. Prices closed near mid-range today and
saw profit taking and chart consolidation. The firmer U.S.
dollar index today did help to pressure gold. The gold
bulls still have the overall near-term technical advantage
but need to show power soon to regain upside technical
momentum. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at $1,775.00. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at $1,720.00. First resistance is seen at
this week’s high of $1,755.50 and then at $1,765.00. First
support is seen at today’s low of $1,739.00 and then at
this week’s low of $1,729.70. Wyckoff’s Market Rating: 6.5

December silver futures closed down $0.312 an ounce at
$32.92 today. Prices closed nearer the session low today
and scored a mildly bearish “outside day” down on the daily
bar chart. The firmer U.S. dollar index today helped to
pressure silver. Bulls still need to show power soon to
gain fresh upside technical momentum. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $34.38 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at $32.00. First resistance
is seen at today’s high of $33.325 and then at this week’s
high of $33.47. Next support is seen at today’s low of
$32.745 and then at this week’s low of $32.57. Wyckoff's
Market Rating: 6.0.

December N.Y. copper closed down 90 points at 373.90 cents
today. Prices closed near mid-range today. The firmer U.S.
dollar index limited buying interest in copper today.
Copper bulls still have the overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at the September high of 383.95 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 360.00 cents. First
resistance is seen at today’s high of 376.50 cents and then
at last week’s high of 377.85 cents. First support is seen
at today’s low of 372.10 cents and then at 370.00 cents.
Wyckoff's Market Rating: 6.0.

*. ENERGIES: November crude oil closed down $0.16 a barrel
at $91.96 today. Prices closed nearer the session high
today. Gains were limited by a firmer U.S. dollar index
today. Trading remains choppy. Bulls and bears are on a
level near-term technical playing field. The next near-term
upside price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at
$94.00 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 October low of $87.70.
First resistance is seen at this week’s high of $92.85 and
then at the October high of $93.66. First support is seen
at $91.00 and then at $90.00. Wyckoff's Market Rating: 5.0

November heating oil closed down 20 points at $3.1874
today. Prices closed near mid-range. Bulls still have the
overall near-term technical advantage. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at the March high of $3.3389.
Bears' next downside price breakout objective is producing
a close below solid technical support at $3.1000. First
resistance lies at today’s high of $3.2065 and then at this
week’s high of $3.2303. First support is seen at today’s
low of $3.1578 and then at $3.1250. Wyckoff's Market
Rating: 7.0.

November (RBOB) unleaded gasoline closed down 297 points at
$2.7520 today. Prices closed near mid-range today and hit a
fresh four-week low. More profit taking was featured. Bulls
still have the overall near-term technical advantage, but
are fading. The next upside price breakout objective for
the bulls is closing prices above solid technical
resistance at $2.9000. Bears' next downside price breakout
objective is closing prices below solid support at the
September low of $2.7029. First resistance is seen at
today’s high of $2.7891 and then at $2.8000. First support
is seen at $2.7250 and then at $2.7029. Wyckoff's Market
Rating: 6.0.

November natural gas closed up 10.3 cents at $3.574 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. Prices are in a
five-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.75. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$3.327. First resistance is seen at this week’s high of
$3.60 and then at the October high of $3.638. First support
is seen at $3.50 and then at $3.45. Wyckoff's Market
Rating: 7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 65 points at 1.3070 today. Prices
closed nearer the session low today and saw profit taking.
The Euro bulls still have the solid overall near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the September high of
1.3183. The next downside price breakout objective for the
bears is closing prices below solid chart support at this
week’s low of 1.2898. First resistance for the Euro lies at
1.3100 and then at this week’s high of 1.3147. Next support
is seen at 1.3050 and then at 1.3000. Wyckoff's Market
Rating: 7.0

The December Japanese yen closed down 47 points at 1.2621
today. Prices closed near mid-range and hit a fresh two-
month low today. Bulls have faded and bears now have the
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at this week’s high of 1.2774. Bears' next downside
breakout objective is closing prices below solid technical
support at the August low of 1.2565. First resistance is
seen at today’s high of 1.2665 and then at 1.2700. First
support is seen at today’s low of 1.2588 and then at
1.2565. Wyckoff's Market Rating: 4.0.

The December Swiss franc closed down 38 points at 1.0819
today. Prices closed nearer the session low and saw profit
taking after prices Wednesday hit a 5.5-month high today.
The Swissy bulls have the solid overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 1.1000.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the October
low of 1.0609. First resistance is seen at this week’s high
of 1.0861 and then at 1.0900. First support is seen at
1.0800 and then at 1.0750. Wyckoff's Market Rating: 7.0.

The December Australian dollar closed down 9 points at
1.0317 today. Prices closed nearer the session low today on
mild profit taking and did hit a fresh three-week high
early on. Bulls still have the near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0400. The
next downside breakout objective for the bears is to
produce a close below solid technical support at this
week’s low of 1.0150. First resistance is seen at today’s
high of 1.0363 and then at 1.0400. Next support is seen at
1.0300 and then at Wednesday’s low of 1.0240. Wyckoff's
Market Rating: 6.5

The December Canadian dollar closed down 83 points at
1.0132 today. Prices closed near the session low today on
profit taking. Bulls still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
the October high of 1.0256. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 1.0099. First
resistance is seen at 1.0175 and then at 1.0200. First
support is seen at this week’s low of 1.0105 and then at
1.0099. Wyckoff's Market Rating: 6.0.

The December British pound closed down 95 points at 1.6055
today. Prices closed near the session low today on profit
taking. The bulls still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the October high of 1.6213. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5900. First resistance is
seen at 1.6100 and then at this week’s high of 1.6175.
First support is seen at this week’s low of 1.6017 and then
at last week’s low of 1.5972. Wyckoff's Market Rating: 6.0.

The December U.S. dollar index closed up 38 points at 79.44
today. Prices closed near the session high and saw short
covering in a bear market. The bears still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at the October high of 80.31. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the
September low of 78.72. Next resistance lies at 79.81 and
then at this week’s high of 80.04. First support is seen at
79.18 and then at this week’s low of 78.97. Wyckoff's
Market Rating: 2.5.

December U.S. T-Bonds closed down 15/32 at 146 6/32 today.
Prices closed near the session low again today and hit
another fresh four-week low. Bulls are fading badly and the
bears have the near-term technical advantage as it appears
the market place is taking a more “risk on” mentality amid
some generally improving U.S. economic data released
lately. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at the August low of 145 23/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 149 even. First
resistance is seen at 147 even and then at today’s high of
147 7/32. First support is seen at today’s low of 146 5/32
and then at 146 even. Wyckoff's Market Rating: 4.0.

December U.S. T Notes closed down 4.0 (32nds) at 131.30.5
today. Prices closed near the session low again today and
hit another fresh four-week low. Bulls faded badly recently
and bears have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 133.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 131.23.0. First resistance is seen at
today’s high of 132.09.5 and then at 132.16.0. First
support is seen at today’s low of 131.29.0 and then at
131.23.0. Wyckoff's Market Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today. The Google earnings release debacle did put
some more pressure on all the indexes late today. The stock
index bulls maintain the overall near-term technical
advantage and have regained some upside near-term technical
momentum this week. Fresh economic data out Thursday saw
the Philadelphia Fed business index come in stronger than
expected, which continues a trend of better-than-expected
U.S. economic data. However, the weekly U.S. jobless claims
report was weaker than expected. In overnight news, China’s
third-quarter gross domestic product came in at 7.4%
growth, on an annual basis—the lowest growth rate since
2009 and the seventh quarter in a row of a decreasing
growth rate. The second-quarter GDP number came in at 7.6%,
on an annual basis. The latest figure was in line with
market expectations. Asian stock markets rallied a bit and
the precious metals showed a muted reaction to the latest
China economic news. Many Asia market watchers now reckon
the Chinese economy is on a good trajectory following
recent stimulus efforts by the Chinese central bank. Such
would be a bullish clue for the precious metals. Market
attention is also on a two-day European Union leaders
summit that began Thursday. Focus regarding the EU debt
crisis is on when or if Spain will formally ask for more EU
financial assistance. Falling Spanish bond yields this
week, amid good demand at their debt auctions, hint that
Spanish officials may not be in a hurry to seek financial
assistance from the EU.

The Nasdaq stock futures index closed down 32.00 at
2,738.25. Prices closed nearer the session low today.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the September high of
2,871.75. The bears' next downside price breakout objective
is closing prices below solid technical support at the
August low of 2,600.00. First resistance is seen at
2,750.00 and then at this week’s high of 2,778.75. First
support is seen at today’s low of 2,727.50 and then at this
week’s low of 2,705.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 4.60 at 1,452.50.
Prices closed near mid-range today. 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 September low of
1,394.80. First resistance is seen at today’s high of
1,459.50 and then at 1,467.50. First support is seen at
today’s low of 1,447.70 and then at 1,435.20. Wyckoff's
Market Rating: 7.0.

The Dow futures closed down 1 point at 13,488. Prices
closed nearer the session low today. 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 September low
of 12,965. First resistance in the Dow lies at today’s high
of 13,525 and then at 13,570. First support is seen at
today’s low of 13,470 and then at 13,440. Wyckoff's Market
Rating: 7.5.

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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions