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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--October 15

Oct 16, 2012

Monday Evening, October 15-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
$125.97 today. Prices closed nearer the session high today.
The key “outside markets” were bearish for the cattle
market today and most commodity markets were under
pressure, but the cattle market posted gains, which is a
bullish near-term clue. Cattle bears do 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 last week’s high of
$127.32. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at the September low of $123.95. First
resistance is seen at $126.50 and then at $127.00. First
support is seen at today’s low of $125.50 and then at
$125.00. Wyckoff's Market Rating: 3.0

November feeder cattle closed up $1.32 at $145.55 today.
The market saw short covering and bargain hunting and were
supported by lower grain prices. Feeder bears 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
$148.00. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $142.00. First resistance is seen at $146.00 and
then at $146.50. First support is seen at $145.00 and then
at $144.50. Wyckoff's Market Rating: 3.5

December lean hogs closed up $0.12 at $78.50 today. Prices
closed near mid-range today and hit a fresh 2.5-month high.
Gains in hogs were limited by bearish outside markets
today—firmer U.S. dollar index and lower crude oil prices.
Hog market bulls have the overall near-term technical
advantage. A five-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 $80.00. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $75.75. First resistance is seen at
today’s high of $78.80 and then at $79.00. First support is
seen at today’s low of $78.10 and then at $77.60. Wyckoff's
Market Rating: 6.0

*. GRAINS: December corn futures were down 17 cents at 7.35
3/4 in late trading today. Prices were near the session low
and have given back all of last week’s gains following the
release of a bullish USDA report Thursday morning. The key
“outside markets” were bearish for corn today as the U.S.
dollar index was firmer and crude oil prices were lower.
Corn bulls have quickly faded as prices now are holding
just above key chart support at last week’s low of $7.32
1/4. 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 $7.40 and then at $7.50. First support is seen at
$7.32 1/4 and then at $7.25. Wyckoff's Market Rating: 5.5

November soybeans were down 33 cents at $14.89 1/2 a bushel
in late trading today. Prices were near the session low and
hit a fresh 3.5-month low today. The key “outside markets”
were bearish for beans today as the U.S. dollar index was
firmer and crude oil prices were lower. Reports that South
American soybean plantings will be record-large this year
are also bearish for soybeans. Soybean bears today regained
the slight near-term technical advantage as a six-week-old
downtrend on the daily bar chart is still in place. 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 $14.50. First resistance is seen at $15.00 and
then at today’s high of $15.20. First support is seen at 
today’s low of $14.85 3/4 and then at $14.75. Wyckoff's
Market Rating: 4.5.

December soybean meal was down $9.40 at $455.80 in late
trading today. Prices were nearer the session low today and
hit a fresh three-month low. Meal bears have regained the
slight near-term technical advantage. Prices are still 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
$460.00 and then at today’s high of $465.10. First support
is seen at today’s low of $454.60 and then at $450.00.
Wyckoff's Market Rating: 4.5

December bean oil was down 76 points at 49.92 cents in late
trading today. Prices were near mid-range and hit a fresh
four-month low today. The key “outside markets” were
bearish for bean oil today as the U.S. dollar index was
firmer and crude oil prices were lower. Bean oil bears have
the solid overall near-term technical advantage. A six-
week-old downtrend was re-established today. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at last week’s high of 52.29 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at the June
low of 48.64 cents. First resistance is seen at today’s
high of 50.63 cents and then at 51.00 cents. First support
is seen at today’s low of 49.41 cents and then at 49.00
cents. Wyckoff's Market Rating: 2.0

December Chicago SRW wheat was down 9 3/4 cents at $8.47 in
late trading today. Prices were nearer the session low and
hit a fresh three-month low today. The key “outside
markets” were bearish for wheat today as the U.S. dollar
index was firmer and crude oil prices were lower. Wheat was
pressured by the big sell off in corn today.  Wheat bears
gained some fresh downside technical momentum today as
prices may finally be breaking out on the downside of a
sideways trading range at higher price levels. Bulls and
bears are now back 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 $8.15.
First resistance is seen at today’s high of $8.60 1/4 and
then at $8.70. First support lies at today’s low of $8.40
1/4 and then at $8.30. Wyckoff's Market Rating: 5.0.

December K.C. HRW wheat was down 10 1/2 cents at $8.79 3/4
in late trading today. Prices were nearer the session low.
Trading remains in a choppy and sideways trading range at
higher price levels. However, bears have gained some fresh
downside momentum as prices are at the bottom of the
aforementioned trading range. The HRW bulls still have the
slight overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $9.25 1/2. 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 $8.94 3/4 and then at $9.00. First
support is seen at $8.72 1/2 and then at $8.65. Wyckoff's
Market Rating: 5.5

December oats were down 4 1/2 cents at $3.87 1/2 today in
late trading. Prices were near mid-range. Oats bulls still
have the near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.70. Bulls' next
upside price breakout objective is pushing and closing
prices above major psychological resistance at $4.00. First
support lies at today’s low of $3.84 1/2 and then at $3.81
1/2. First resistance is seen at $3.90 and then at today’s
high of $3.92 1/2. Wyckoff's Market Rating: 6.5

*. SOFTS: March sugar closed down 20 points at 19.85 cents
today. Prices closed nearer the session low today and hit a
fresh four-week low. The key “outside markets” were bearish
for sugar today as the U.S. dollar index was firmer and
crude oil prices were lower. Sugar bears have the solid
near-term technical advantage. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the October high of 21.77 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
20.00 cents and then at today’s high of 20.14 cents. First
support is seen at 19.65 cents and then at 19.48 cents.
Wyckoff's Market Rating: 2.0.

December coffee closed down 80 points at 160.90 cents.
Prices closed near mid-range today and hit a fresh five-
week low. The key “outside markets” were bearish for coffee
today as the U.S. dollar index was firmer and crude oil
prices were lower. 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 172.00 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 162.75 cents and then at 165.00 cents.
First support is seen at today’s low of 159.50 cents and
then at 156.55 cents. Wyckoff's Market Rating: 2.0

December cocoa closed down $17 at $2,349 a ton. Prices
closed nearer the session low today. The key “outside
markets” were bearish for cocoa today as the U.S. dollar
index was firmer and crude oil prices were lower. Cocoa
prices are in a five-week-old downtrend on the daily bar
chart. Bears have the 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 today’s high of $2,366
and then at $2,379. First support is seen at last week’s
low of $2,338 and then at $2,325. Wyckoff's Market Rating:
3.5

December cotton closed up 98 points at 72.34 cents today.
Prices closed near the session high today and were
supported by short covering. 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 the October high
of 72.65 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at the July low of 69.40 cents.
First resistance is seen at 72.65 cents and then at 73.00
cents. First support is seen at 72.00 cents and then at
today’s low of 71.09 cents. Wyckoff's Market Rating: 3.5

November orange juice closed down 80 points at $1.1180
today. Prices closed near mid-range today. Bears 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 $1.1695. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the August low of $1.0350. First resistance is seen at
today’s high of $1.1290 and then at $1.1445. First support
is seen at today’s low of $1.1055 and then at last week’s
low of $1.0870. Wyckoff's Market Rating: 3.0.

November lumber futures closed up $2.20 at $286.90 today.
More short covering and fresh spec buying were featured.
Bulls have the near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at the September low of $268.80. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the October high
of $288.00. First resistance is seen at $288.00 and then at
$290.00. First support is seen at $285.00 and then at
$283.00. Wyckoff's Market Rating: 6.0

*. METALS: December gold futures closed down $22.70 an
ounce at $1,737.00 today. Prices closed nearer the session
low today and hit a fresh four-week low. The key “outside
markets” were bearish for the gold market today as the U.S.
dollar index was firmer and crude oil prices were lower.
Today’s downside price action at least temporarily negated
a three-month-old uptrend on the daily bar chart. The goold
bulls still have the overall near-term technical advantage
but are fading and need to show fresh power soon. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at $1,780.00. Bears'
next near-term downside price objective is closing prices
below solid technical support at $1,720.00. First
resistance is seen at $1,750.00 and then at today’s high of
$1,755.50. First support is seen at today’s low of
$1,729.70 and then at $1,720.00. Wyckoff’s Market Rating:
6.5

December silver futures closed down $0.919 an ounce at
$32.74 today. Prices closed nearer the session low today
and hit a fresh four-week low. The key “outside markets”
were bearish for the silver market today as the U.S. dollar
index was firmer and crude oil prices were lower. A 2.5-
month-old uptrend on the daily bar chart was negated
Monday. Bulls are in trouble and need to show fresh power
soon to avoid serious near-term technical damage being
inflicted. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at $34.438
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at $31.50. First resistance is seen at $33.00 and then at
today’s high of $33.47. Next support is seen at today’s low
of $32.57 and then at $32.00. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed down 85 points at 369.45 cents
today. Prices closed nearer the session high after hitting
a fresh four-week low early on today. The key “outside
markets” were bearish for the copper market today as the
U.S. dollar index was firmer and crude oil prices were
lower. Copper bulls still have the overall near-term
technical advantage, but are fading a bit. A nine-week-old
uptrend on the daily bar chart has been negated. 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 371.05 cents and then at 372.50
cents. First support is seen at 367.50 cents and then at
today’s low of 364.60 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: November crude oil closed down $0.04 a barrel
at $91.82 today. Prices closed nearer the session high and
made a good recovery from early-session lows. Trading
remains choppy. Prices have been supported on tensions in
the Middle East. However, bearish demand prospects
worldwide are limiting buying interest. Thus, the choppy
trading. 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 $95.00 a barrel. The
next near-term downside price breakout objective for the
crude oil bears is to produce a close below solid technical
support at the October low of $87.70. First resistance is
seen at today’s high of $92.20 and then at $93.00. First
support is seen at $91.00 and then at $90.00. Wyckoff's
Market Rating: 5.0

November heating oil closed down 159 points at $3.2079
today. Prices closed near mid-range today and saw some
profit taking. Prices last week hit a 6.5-month high. Bulls
still have the solid 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 $3.2303
and then at $3.2500. First support is seen at today’s low
of $3.1793 and then at $3.1500. Wyckoff's Market Rating:
7.0.

November (RBOB) unleaded gasoline closed down 388 points at
$2.8540 today. Prices closed nearer the session low today
on profit taking. Problems at U.S. refineries have helped
drive gasoline futures sharply higher recently. 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 $3.0000. 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 $2.8988 and then at
$2.9500. First support is seen at today’s low of $2.8368
and then at $2.8000. Wyckoff's Market Rating: 7.0.

November natural gas closed down 12.7 cents at $3.485
today. Prices closed nearer the session low today on profit
taking after prices Friday hit a 9.5-month high. 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 $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 $3.55 and then
at today’s high of $3.60. First support is seen at today’s
low of $3.447 and then at $3.40. Wyckoff's Market Rating:
7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 14 points at 1.2951 today. Prices
closed near mid-range today. The Euro bulls still have the
overall near-term technical advantage. Prices are still in
a 2.5-month-old uptrend on the daily bar chart, but the
bulls need to show more power soon to keep it in place.
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 1.2768. First resistance for the Euro lies at
1.3000 and then at last week’s high of 1.3034. Next support
is seen at today’s low of 1.2898 and then at last week’s
low of 1.2833. Wyckoff's Market Rating: 6.5

The December Japanese yen closed down 52 points at 1.2712
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field
amid choppy trading. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
September high of 1.2977. Bears' next downside breakout
objective is closing prices below solid technical support
at the September low of 1.2631. First resistance is seen at
today’s high of 1.2774 and then at 1.2800. First support is
seen at the October low of 1.2685 and then at 1.2650.
Wyckoff's Market Rating: 5.0.

The December Swiss franc closed down 6 points at 1.0723
today. Prices closed nearer the session high today. The
Swissy bulls still have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
September high of 1.0838. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0500. First resistance is seen at
today’s high of 1.0743 and then at last week’s high of
1.0774. First support is seen at today’s low of 1.0681 and
then at 1.0650. Wyckoff's Market Rating: 6.0.

The December Australian dollar closed up 21 points at
1.0197 today. Prices closed nearer the session high today.
Bulls have the slight near-term technical advantage.
However, prices have been trending lower for the past four
weeks. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0300. The
next downside breakout objective for the bears is to
produce a close below solid technical support at the
September low of 1.0077. First resistance is seen at last
week’s high of 1.0239 and then at 1.0260. Next support is
seen at today’s low of 1.0150 and then at 1.0118. Wyckoff's
Market Rating: 5.5

The December Canadian dollar closed up 5 points at 1.0198
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is producing a close above chart
resistance at the September high of 1.0359. 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 today’s high of 1.0222
and then at the October high of 1.0256 and then at 1.0300.
First support is seen at today’s low of 1.0177 and then at
last week’s low of 1.0153. Wyckoff's Market Rating: 6.5.

The December British pound closed down 1 point at 1.6069
today. Prices closed nearer the session high today. The
bulls have faded recently. Prices have been trending lower
for the past four weeks. Bulls still have the slight
overall near-term technical advantage but need to show more
power soon to keep it. 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 lastt week’s high of 1.6139.
First support is seen at today’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 4 points at 79.78
today. Tepid short covering in a bear market was featured.
Prices closed nearer the session low today. The bears still
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at 80.60. 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 today’s high of 80.04 and
then at last week’s high of 80.31. First support is seen at
79.57 and then at last week’s low of 79.43. Wyckoff's
Market Rating: 3.0.

December U.S. T-Bonds closed down 6/32 at 149 12/32 today.
Prices closed near mid-range today. Bulls still have the
slight near-term technical advantage. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at the October low of
147 10/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the late-September high of 150 9/32. 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 149 even
and then at 148 16/32. Wyckoff's Market Rating: 5.5.

December U.S. T Notes closed down 0.5 (32nds) at 133.09.5
today. Prices closed nearer the session high today. Bulls
have the slight overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at the September high
of 133.27.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 132.08.0. First resistance is seen at today’s
high of 133.13.0 and then at last week’s high of 133.17.0.
First support is seen at today’s low of 133.02.5 and then
at last week’s low of 132.26.0. Wyckoff's Market Rating:
5.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. The stock index bulls maintain the overall
near-term technical advantage. U.S. economic data issued
Monday was slightly more upbeat than expected, which has
been the trend recently. Market bulls are beginning to get
somewhat concerned that recent U.S. economic data that has
been a bit stronger than expected could prompt the Federal
Reserve to begin to shut its monetary stimulus spigot that
has been opened wide for four years. Such notions are
likely premature. In overnight news, European and Asian
stocks digested weekend news that China’s consumer
inflation came in a bit lower than expected in the latest
batch of Chinese economic data. That prompted speculation
among traders that China’s central bank may have more
leeway in further easing monetary policy. China’s trade
surplus also grew in September, which suggests domestic
demand in China is on the upswing. However, the weekend
China data also showed bank lending growth weaker than
expected in September. Asian and European stocks showed
mixed reactions to the China data, as European stocks were
somewhat supported while Asian stocks were narrowly mixed.
Third-quarter GDP data from China is due on Thursday. On
the European Union sovereign debt front it’s Greece’s turn
to be in the spotlight this week, as EU officials cannot
seem to agree on how or when to provide the next tranche of
bailout funds to the financially troubled country. Spain
and its leaders’ reluctance to ask for fresh EU financial
assistance is also a concern to the market place.


The Nasdaq stock futures index closed up 21.25 at 2,731.25.
Prices closed nearer the session high today after hitting
another fresh seven-week low early on today. Prices today
scored a bullish “outside day” up on the daily bar chart.
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 today’s
high of 2,736.25 and then at 2,750.00. First support is
seen at today’s low of 2,705.00 and then at 2,700.00.
Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 14.00 at 1,435.50.
Prices closed near the session low and hit a fresh five-
week low early on today. Prices scored a bullish “outside
day” up on the daily bar chart 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
1,436.50 and then at 1,450.00. First support is seen at
today’s low of 1,416.30 and then at 1,400.00. Wyckoff's
Market Rating: 6.5.

The Dow futures closed up 114 points at 13,359. Prices
closed near the session high 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 13,400 and
then at 13,450. First support is seen at 13,300 and then at
today’s low of 13,260. Wyckoff's Market Rating: 6.5.

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

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

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

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

Jim Wyckoff
 

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