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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--September 10

Sep 11, 2012

Monday Evening, September 10-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: October live cattle closed down $0.72 at
$125.75 today. Prices closed near the session low today and
scored a bearish “outside day” down on the daily bar chart.
Some profit taking from recent gains was featured after
prices Friday closed at a three-week high close and
produced a bullish weekly high close. The key “outside
markets” were also slightly bearish for cattle today, as
the U.S. dollar index was firmer and crude oil prices were
weaker. Cattle bulls still 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 the August high of $127.22. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at the August
low of $123.40. First resistance is seen at $126.00 and
then at last week’s high of $126.70. First support is seen
at $125.25 and then at $125.00. Wyckoff's Market Rating:
5.5

October feeder cattle closed up $0.42 at $146.57 today.
Prices closed nearer the session high. Feeder cattle bulls
still have the near-term technical advantage. Prices are in
a seven-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the feeder bulls is to
push and close prices above solid technical resistance at
150.00. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $144.00. First resistance is seen at $147.00 and
then at last week’s high of $147.80. First support is seen
at $146.00 and then at last week’s low of $145.40.
Wyckoff's Market Rating: 6.0

October lean hogs closed up $1.22 at $72.57 today. Prices
closed nearer the session high today and saw short covering
in a bear market after prices last Friday hit a contract
low. Bears still have the solid overall near-term technical
advantage. The next upside price breakout objective for the
hog bulls is to push and close prices above solid chart
resistance at last week’s high of $75.20. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $70.00. First resistance
is seen at $73.00 and then at $73.50. First support is seen
at $72.00 and then at today’s low of $71.30. Wyckoff's
Market Rating: 2.0

*. GRAINS: December corn futures were down 15 cents at
$7.84 1/2 in late trading today. Prices were nearer the
session low and hit a fresh six-week low today. Prices were
also scoring a bearish “outside day” down on the daily bar
chart today. The key “outside markets” were slightly
bearish for corn today, as the U.S. dollar index was firmer
and crude oil prices were weaker. The corn bulls still have
the overall near-term technical advantage, but are fading
amid seasonal harvest pressure. Prices have been trending
lower four the past four weeks. Traders are now awaiting
Wednesday morning’s monthly USDA supply and demand report.
Corn bulls' next upside price objective is to push and
close prices above solid technical resistance at $8.20. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$7.50. First resistance for December corn is seen at $7.90
and then at $8.00. First support is seen at $7.80 and then
at $7.75. Wyckoff's Market Rating: 7.0

November soybeans were down 5 1/2 cents at $17.31 a bushel
in late trading today. Prices were near mid-range. The key
“outside markets” were slightly bearish for soybeans today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. Soybean bulls still have the solid overall
near-term technical advantage. Traders are now awaiting
Wednesday morning’s monthly USDA supply and demand report.
The next near-term upside technical breakout objective for
the soybean bulls is pushing and closing November prices
above solid resistance at the contract high of $17.89 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $17.01. First resistance is seen at today’s high
of $17.44 1/4 and then at $17.53 3/4. First support is seen
at today’s low of $17.16 and then at $17.01. Wyckoff's
Market Rating: 8.0.

December soybean meal was down $2.00 at $524.90 in late
trading today. Prices were near mid-range. Meal bulls still
have the solid overall near-term technical advantage.
Prices are in a three-month-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at the contract high of $541.80. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$510.00. First resistance comes in at today’s high of
$529.30 and then at Friday’s high of $533.20. First support
is seen at $523.30 and then at last week’s low of $519.50.
Wyckoff's Market Rating: 8.5

December bean oil was down 5 points at 56.61 cents in late
trading today. Prices were near mid-range and saw mild
profit taking. Bean oil bulls 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 last week’s high
of 58.60 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at 55.98 cents. First
resistance is seen at today’s high of 57.06 cents and then
at 57.50 cents. First support is seen at today’s low of
56.22 cents and then at 56.00 cents. Wyckoff's Market
Rating: 7.0

December Chicago SRW wheat was down 11 3/4 cents at $8.93
1/4 in late trading today. Prices were nearer the session
low. The key “outside markets” were slightly bearish for
wheat today, as the U.S. dollar index was firmer and crude
oil prices were weaker. Wheat bulls have the overall near-
term technical advantage. Traders are now awaiting
Wednesday morning’s monthly USDA supply and demand report.
The choppiness and sideways trading at higher price levels,
amid some higher volatility, is still a warning signal of a
topping process. Wheat bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $9.26 1/4 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at the August low of $8.57 1/4. First resistance is
seen at $9.00 and then at today’s high of $9.17 1/2. First
support lies at Friday’s low of $8.84 3/4 and then at
$8.75. Wyckoff's Market Rating: 7.0.

December K.C. HRW wheat was down 11 3/4 cents at $9.11 1/2
in late trading today. Prices were nearer the session low.
The bulls still have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $9.36 1/2. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at the August low of $8.74 1/4. First resistance is seen at
$9.20 and then at $9.30. First support is seen at $9.00 and
then at last week’s low of $8.85 1/4. Wyckoff's Market
Rating: 7.0

December oats were down 6 cents at $3.84 1/2 today in late
trading. Prices were nearer the session low. Oats bulls
have the solid overall 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
contract high of $4.14. First support lies at today’s low
of $3.83 and then at $3.80. First resistance is seen at
$3.87 and then at $3.90. Wyckoff's Market Rating: 7.5

*. SOFTS: October sugar closed up 5 points at 19.43 cents
today. Prices closed nearer the session low today. Tepid
short covering in a bear market was featured. The key
“outside markets” were slightly bearish for sugar today, as
the U.S. dollar index was firmer and crude oil prices were
weaker. Sugar bears still have the solid overall near-term
technical advantage. There are no early clues to suggest a
market bottom is close at hand. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 20.39 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 18.00 cents. First resistance is
seen at today’s high of 19.74 cents and then at 20.00
cents. First support is seen at today’s low of 19.30 cents
and then at 19.00 cents. Wyckoff's Market Rating: 2.0.

December coffee closed up 1,065 points at 173.70 cents.
Prices closed nearer the session high and hit a fresh four-
week high today. Heavy short covering and bargain hunting
buying were featured today as coffee scored its biggest
daily gain in months. Bulls have suddenly gained fresh
upside technical momentum but now need to show that
important follow-through strength. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at 182.50 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at last week’s low of 156.55
cents a pound. First resistance is seen at today’s high of
174.35 cents and then at 177.50 cents. First support is
seen at 172.50 cents and then at 170.00 cents. Wyckoff's
Market Rating: 4.0

December cocoa closed down $19 at $2,657 a ton. Prices
closed nearer the session high today and saw mild profit
taking after prices last week hit a 10-month high. Cocoa
bulls still have the solid 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 $2,750. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at last week’s low of
$2,531. First resistance is seen at today’s high of $2,670
and then at last week’s high of $2,707. First support is
seen at $2,625 and then at $2,600. Wyckoff's Market Rating:
8.0

December cotton closed down 67 points at 75.63 cents today.
Prices closed nearer the session low today. The key
“outside markets” were slightly bearish for cotton today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. Cotton bulls have the slight near-term
technical advantage, but need to show more power soon.
Prices are in a three-month-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at the August high of 77.49 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
73.30 cents. First resistance is seen at today’s high of
76.60 cents and then at last week’s high of 77.29 cents.
First support is seen at 74.72 cents and then at 74.00
cents. Wyckoff's Market Rating: 5.5

November orange juice closed down 60 points at $1.2685
today. Prices closed nearer the session low today and did
hit a fresh four-month high early on. Mild profit taking
was featured today. The key “outside markets” were slightly
bearish for FCOJ today, as the U.S. dollar index was firmer
and crude oil prices were weaker. FCOJ bulls still have the
near-term technical advantage. Traders will continue to
watch for any fresh storms brewing in the Atlantic. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.3500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.1500. First resistance is seen at today’s
high of $1.3030 and then at $1.3250. First support is seen
at $1.2360 and then at $1.2030. Wyckoff's Market Rating:
6.5.

November lumber futures closed down $1.80 at $273.20 today.
Prices closed near mid-range and hit a fresh two-month low
today. Bears still have the near-term technical advantage.
Prices are in a steep four-week-old downtrend on the daily
bar chart. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $260.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $287.50. First
resistance is seen at today’s high of $275.00 and then at
$277.00. First support is seen at today’s low of $270.60
and then at $267.50. Wyckoff's Market Rating: 3.0

*. METALS: December gold futures closed down $8.60 an ounce
at $1,731.90 today. Prices closed nearer the session low
today on a profit-taking, corrective pullback from big
gains last week that saw prices a six-month high on Friday.
The key “outside markets” were in a mildly bearish posture
for gold today as the U.S. dollar index was firmer and
crude oil prices were weaker. Gold prices are still in a
two-month-old uptrend on the daily bar chart. The gold
market 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 $1,750.00. Bears' next near-term downside
price objective is closing prices below psychological
support at $1,700.00. First resistance is seen at last
Friday’s high of $1,745.40 and then at $1,750.00. First
support is seen at today’s low of $1,729.20 and then at
$1,725.00. Wyckoff’s Market Rating: 7.5

December silver futures closed down $0.115 an ounce at
$33.575 today. Prices closed nearer the session low today
but did hit a fresh five-month high early on. Profit taking
and a corrective pullback were featured today. 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. Bulls are still in firm near-term
technical command. Prices are in a six-week-old uptrend on
the daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $35.00 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 $34.02 and then at $34.415. Next support
is seen at today’s low of $33.41 and then at $33.00.
Wyckoff's Market Rating: 7.5.

December N.Y. copper closed up 380 points at 368.30 cents
today. Prices closed nearer the session high today and hit
a fresh four-month high. Copper bulls have the near-term
technical advantage and have gained good upside technical
momentum the past two sessions. Prices are in a five-week-
old uptrend on the daily bar chart. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 380.00 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 today’s high of 370.00 cents and then
at 372.50 cents. First support is seen at 365.00 cents and
then at today’s low of 363.30 cents. Wyckoff's Market
Rating: 7.0.

*. ENERGIES: October crude oil closed up $0.06 a barrel at
$96.48 today. Prices closed nearer the session high today.
Crude oil bulls still have the overall near-term technical
advantage. A two-month-old price uptrend is still in place
on the daily bar chart, but just barely. The next near-term
upside price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at the
August high of $98.29 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 $92.00.
First resistance is seen at $97.00 and then at $97.50.
First support is seen at today’s low of $95.34 and then at
$95.00. Wyckoff's Market Rating: 6.0

October heating oil closed up 158 points at $3.1647 today.
Prices closed nearer the session high today. Bulls have the
solid overall near-term technical advantage. Prices are in
a 10-week-old uptrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $3.2500. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0800. First resistance
lies at $3.1719 and then at last week’s high of $3.2160.
First support is seen at today’s low of $3.1452 and then at
last week’s low of $3.1104. Wyckoff's Market Rating: 7.0.

October (RBOB) unleaded gasoline closed up 64 points at
$3.0260 today. Prices closed near mid-range and closed at a
fresh five-month high close today. Bulls have the solid
overall near-term technical advantage. Prices are in a
nine-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 $3.1000. Bears'
next downside price breakout objective is closing prices
below solid support at $2.8500. First resistance is seen at
last week’s high of $3.0541 and then at $3.0750. First
support is seen at $3.0000 and then at $2.9500. Wyckoff's
Market Rating: 7.5.

October natural gas closed up 14.7 cents at $2.829 today.
Prices closed near the session high today and scored a
bullish “outside day” up on the daily bar chart. Bears
still have the slight overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$3.00. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the August low of $2.61. First resistance is seen at last
week’s high of $2.888 and then at $2.91 and then at $2.95.
First support is seen at $2.75 and then at $2.70. Wyckoff's
Market Rating: 4.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 36 points at 1.2774 today. Prices
closed near the session low and saw mild profit taking
after big gains Friday that saw the currency hit a fresh
nearly four-month high. The Euro bulls still have the
overall near-term technical advantage. Prices are in a
seven-week-old uptrend on the daily bar chart. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3000. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2500. First
resistance for the Euro lies at last week’s high of 1.2831
and then at 1.2850. Next support is seen at 1.2750 and then
at 1.2700. Wyckoff's Market Rating: 6.5

The December Japanese yen closed down 2 points at 1.2784
today. Prices closed nearer the session low today in quiet
trading. Bulls still have the overall near-term technical
advantage and regained some upside momentum with Friday’s
big gains. Bulls' next upside price breakout objective is
closing prices above solid resistance at the July high of
1.2851. 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 1.2801
and then at last week’s high of 1.2829. First support is
seen at 1.2750 and then at 1.2725. Wyckoff's Market Rating:
6.5.

The December Swiss franc closed down 9 points at 1.0582
today. Prices closed near mid-range today and saw mild
profit taking. Prices Friday hit a nearly three-month high.
The Swissy bulls have the overall near-term technical
advantage. Prices are in a seven-week-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
the June high of 1.0730. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0400. First resistance is seen at
last week’s high of 1.0614 and then at 1.0635. First
support is seen at today’s low of 1.0560 and then at
1.0500. Wyckoff's Market Rating: 6.5.

The December Australian dollar closed down 53 points at
1.0248 today. Prices closed near the session low. Bulls and
bears are on a level near-term technical playing field. A
four-week-old downtrend on the daily bar chart has been
negated. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0430. The
next downside breakout objective for the bears is to
produce a close below solid technical support at last
week’s low of 1.0077. First resistance is seen at last
week’s high of 1.0308 and then at 1.0350. Next support is
seen at 1.0200 and then at 1.0185. Wyckoff's Market Rating:
5.0

The December Canadian dollar closed up 7 points at 1.0207
today. Prices closed near mid-range today and hit another
fresh 12-month high. Bulls have the solid overall near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at 1.0300. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0026. First resistance is seen at
today’s high of 1.0228 and then at 1.0250. First support is
seen at today’s low of 1.0196 and then at 1.0147. Wyckoff's
Market Rating: 8.0.

The December British pound closed down 9 points at 1.5991
today. Prices closed near mid-range and saw mild profit
taking after prices hit a 3.5-month high on Friday. Bulls
have the solid overall near-term technical advantage.
Prices are in a two-month-old uptrend on the daily chart.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.6200.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.5800. First
resistance is seen at last week’s high of 1.6030 and then
at 1.6100. First support is seen at today’s low of 1.5955
and then at 1.5900. Wyckoff's Market Rating: 7.0.

The December U.S. dollar index closed up 13 points at 80.57
today. Prices closed near the session high on tepid short
covering in a bear market. Prices hit a fresh four-month
low early on today. The bears still have the near-term
technical advantage. Prices are in a seven-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 82.15. 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 today’s low of
80.30 and then at 80.00. Wyckoff's Market Rating: 3.0.

December U.S. T-Bonds closed down 6/32 at 149 3/32 today.
Prices closed near mid-range. Bulls do still have the
overall near-term technical advantage. 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 last week’s high of 151 29/32. First
resistance is seen at today’s high of 149 23/32 and then at
150 even. First support is seen at today’s low of 148 19/32
and then at last week’s low of 148 10/32. Wyckoff's Market
Rating: 6.0.

December U.S. T Notes closed down 2.0 (32nds) at 132.30.5
today. Prices closed nearer the session low today. 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 133.26.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.100.0. First resistance is seen at today’s high of
133.07.5 and then at 133.17.0. First support is seen at
today’s low of 132.26.0 and then at 132.20.5. Wyckoff's
Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today on some profit taking from recent gains. Stock
index bulls still have the overall near-term technical
advantage. Focus in the market place is squarely on this
week’s meeting of the Federal Open Market Committee of the
U.S. Federal Reserve, which starts on Wednesday and ends on
Thursday with Fed Chairman Bernanke holding a press
conference. Last Friday’s weak U.S. jobs report likely
opened the door wider for a fresh U.S. monetary stimulus
announcement by the FOMC. Such would be at least initially
bullish for the stock and commodity markets. The consensus
is not clear on whether the Fed will act this week, or wait
a while. But the market place is expecting some fresh
monetary stimulus sooner rather than later. In overnight
news, European stock markets were stable and quiet ahead of
the FOMC meeting and a German constitutional court ruling
Wednesday on the validity of the European Stability
Mechanism. Dutch elections are also slated for Wednesday.
Spanish and Italian bond yields inched up overnight, but
were still near multi-month lows and well below 6%. There
was more downbeat economic news coming out of China
overnight. China’s trade surplus widened as imports
declined. Industrial production in China also slowed in
August. Asian stocks were narrowly mixed overnight.

The Nasdaq stock futures index closed down 35.00 at
2,788.00. Prices closed near the session low. Prices Friday
hit a fresh 11-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,900.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,700.00. First resistance is seen at 2,800.00 and then at
today’s high of 2,823.75. First support is seen at 2,766.50
and then at last week’s low of 2,742.75. Wyckoff's Market
Rating: 7.5

The S&P 500 futures index closed down 10.20 at 1,427.50.
Prices closed near the session low. Prices Friday hit a
four-year high. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1,500.00. The
next downside price breakout objective for the bears is
closing prices below solid support at 1,395.40. First
resistance is seen at last week’s high of 1,438.50 and then
at 1,450.00. First support is seen at 1,415.00 and then at
1,403.50. Wyckoff's Market Rating: 7.5.

The Dow futures closed down 51 points at 13,245. Prices
closed near the session low and did hit a fresh four-year
high early on. The next upside price objective for the
bulls is closing prices above solid technical resistance at
13,500. The next downside price objective for the bears is
closing prices below solid technical support at the August
low of 12,730. First resistance in the Dow lies at today’s
high of 13,316 and then at 13,350. First support is seen at
13,200 and then at 13,135. 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
 

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