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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 17

Sep 18, 2012

Monday Evening, September 17-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 down $1.62 at
$128.30 today. Prices closed nearer the session low today
and hit a fresh three-week low on profit taking. The
selling pressure in cattle was exacerbated by the late,
quick and sharp sell off in crude oil prices that in turn
boosted the U.S. dollar index, to then turn both of these
key outside markets in a bearish posture for cattle. Cattle
bulls still have the slight overall near-term technical
advantage.  Prices are in a choppy, nearly three-month-old
uptrend on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of $131.15.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at the August low of $126.72. First resistance is
seen at $128.75 and then at $129.00. First support is seen
at today’s low of $128.25 and then at $128.00. Wyckoff's
Market Rating: 5.5

November feeder cattle closed up $0.45 at $148.67 today.
Prices closed near the session low. Prices hit a fresh two-
month high early on today. Feeder cattle bulls have the
overall near-term technical advantage. Prices are in a two-
month-old uptrend on the daily bar chart. The next upside
price breakout objective for the 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 $146.00. First resistance is seen at $149.00 and
then at today’s high of $149.52. First support is seen at
$148.00 and then at $147.50. Wyckoff's Market Rating: 6.0

December lean hogs closed down $0.55 at $73.35 today.
Prices closed near mid-range today. The selling pressure in
hogs was exacerbated by the late, quick and sharp sell off
in crude oil prices that in turn boosted the U.S. dollar
index, to then turn both of these key outside markets in a
bearish posture for hogs late. Hog market bears still have
the overall near-term technical advantage. However,
Friday’s bullish weekly high close does hint that a market
bottom is in place. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at $75.15. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the contract low of
$70.10. First resistance is seen at last week’s high of
$73.95 and then at $74.50. First support is seen at today’s
low of $72.90 and then at $72.50. Wyckoff's Market Rating:
3.0

*. GRAINS: December corn futures were down 32 1/2 cents at
7.49 1/2 in late trading today. Prices were nearer the
session low and hit a fresh seven-week low today. Harvest
pressure and profit taking were featured as the corn bulls
are fading badly. The selling pressure in corn was
exacerbated by the late, quick and sharp sell off in crude
oil prices that in turn boosted the U.S. dollar index, to
then turn both of these key outside markets in a bearish
posture for corn. The corn bulls do still have the overall
near-term technical advantage. Prices have been trending
lower four the past five weeks, however. Corn bulls' next
upside price objective is to push and close prices above
psychological resistance at $8.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $7.45 1/2. First
resistance for December corn is seen at $7.59 and then at
$7.65. First support is seen at $7.45 1/2 and then at
$7.40. Wyckoff's Market Rating: 6.0

November soybeans were down the 70-cent limit at $16.69 a
bushel in late trading today. Prices hit a fresh four-week
low and were pressured on profit-taking and harvest-related
selling. The selling pressure in beans was exacerbated by
the late, quick and sharp sell off in crude oil prices that
in turn boosted the U.S. dollar index, to then turn both of
these key outside markets in a bearish posture for soybeans
late. Soybean bulls still have the overall near-term
technical advantage but did fade quickly today. 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 psychological support at
$16.00. First resistance is seen at $16.93 1/2 and then at
$17.00. First support is seen at $16.60 and then at $16.50.
Wyckoff's Market Rating: 7.0.

December soybean meal was down the $20.00 limit at $505.40
in late trading today. Prices hit a fresh four-week low as
the bulls faded badly today. Heavy profit taking was seen
today. Meal bulls 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 contract high of $541.80. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$490.00. First resistance comes in at $511.20 and then at
$515.00. First support is seen at $500.00 and then at
$495.00. Wyckoff's Market Rating: 7.0

December bean oil was down 198 points at 55.39 cents in
late trading today. Prices were nearer the session low and
hit a fresh four-week low today. Bean oil bulls faded
today, but still have the slight 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 57.80 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 54.00 cents. First resistance is seen
at 55.68 cents and then at 56.00 cents. First support is
seen at today’s low of 55.12 cents and then at 55.00 cents.
Wyckoff's Market Rating: 5.5

December Chicago SRW wheat was down 44 1/2 cents at $8.79
3/4 in late trading today. Prices were near the session
low. Heavy profit taking was featured today. The selling
pressure in wheat was exacerbated by the late, quick and
sharp sell off in crude oil prices that in turn boosted the
U.S. dollar index, to then turn both of these key outside
markets in a bearish posture for wheat. Trading remains
choppy and sideways at higher price levels. Wheat bulls
still have the overall near-term technical advantage. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at last
week’s high of $9.31 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 $9.10. First support lies at today’s low of
$8.76 1/4 and then at last week’s low of $8.68 3/4.
Wyckoff's Market Rating: 6.5.

December K.C. HRW wheat was down 48 cents at $9.00 in late
trading today. Prices were near the session low. Heavy
profit taking was featured. 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 the July high of $9.57
1/4. 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 $9.15
and then at $9.20. First support is seen at today’s low of
$9.00 and then at last week’s low of $8.89 1/4. Wyckoff's
Market Rating: 6.5

December oats were down 11 cents at $3.85 1/4 today in late
trading. Prices were nearer the session low and saw profit
taking. Oats bulls still have the 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
psychological resistance at $4.00. First support lies at
today’s low of $3.83 3/4 and then at $3.80. First
resistance is seen at $3.90 and then at $3.95. Wyckoff's
Market Rating: 7.0

*. SOFTS: October sugar closed up 7 points at 19.98 cents
today. Prices closed near mid-range today and saw tepid
short covering in a bear market. 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 20.39 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the September low
of 18.81 cents. First resistance is seen at today’s high of
20.10 cents and then at last week’s high of 20.25 cents.
First support is seen at today’s low of 19.85 cents and
then at 19.73 cents. Wyckoff's Market Rating: 3.0.

December coffee closed down 660 points at 174.50 cents.
Prices closed near the session low today and saw heavy
profit taking. The selling pressure in coffee was
exacerbated by the late, quick and sharp sell off in crude
oil prices that in turn boosted the U.S. dollar index, to
then turn both of these key outside markets in a bearish
posture for coffee late. Bulls faded today and are now back
on a level near-term technical playing field with the
bears. The next upside breakout objective for the bulls is
to close prices above solid technical resistance at last
week’s high of 183.70 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 169.10 cents a pound. First
resistance is seen at 177.50 cents and then at 180.00
cents. First support is seen at today’s low of 174.10 cents
and then at 173.10 cents. Wyckoff's Market Rating: 5.0

December cocoa closed down $65 at $2,577 a ton. Prices
closed nearer the session low today and hit a fresh two-
week low on profit taking. The selling pressure in cocoa
was exacerbated by the late, quick and sharp sell off in
crude oil prices that in turn boosted the U.S. dollar
index, to then turn both of these key outside markets in a
bearish posture for cocoa. Cocoa bulls still 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 the
September high of $2,707. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $2,500. First resistance is seen
at $2,600 and then at today’s high of $2,649. First support
is seen at today’s low of $2,551 and then at the September
low of $2,531. Wyckoff's Market Rating: 7.0

December cotton closed down 60 points at 75.30 cents today.
Prices closed near the session low. Bulls and bears are on
a level near-term technical playing field. 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 71.59 cents. First resistance is
seen at today’s high of 76.77 cents and then at 77.49
cents. First support is seen at 75.00 cents and then at
74.00 cents. Wyckoff's Market Rating: 5.0

November orange juice closed down 325 points at $1.2890
today. Prices closed near mid-range today and saw profit
taking. Prices Friday hit a fresh four-month high and
closed at a bullish weekly high close. FCOJ bulls still
have the overall 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 $1.2000. First resistance is
seen at $1.3030 and then at Friday’s high of $1.3270. First
support is seen at today’s low of $1.2610 and then at
$1.2500. Wyckoff's Market Rating: 6.0.

November lumber futures closed down $1.30 at $276.00 today.
Prices closed near the session low. Bears have the near-
term technical advantage. Prices are in a steep five-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 $279.30 and then at $283.00. First support is seen
at $275.00 and then at $272.00. Wyckoff's Market Rating:
3.5

*. METALS: December gold futures closed down $7.30 an ounce
at $1,765.40 today. Prices closed near the session low and
saw some profit taking after hitting a fresh six-month high
on Friday and scoring a bullish weekly high close. Bulls
still have upside technical power to suggest a challenge of
the 2012 high of $1,800.90, or above. The key “outside
markets” were a bit bearish for gold as the day wore on, as
the U.S. dollar index was slightly higher and crude oil
prices were slightly lower. 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 the 2012 high of
$1,800.90. Bears' next near-term downside price objective
is closing prices below solid technical support at last
week’s low of $1,720.00. First resistance is seen at
Friday’s high of $1,780.20 and then at $1,790.00. First
support is seen at $1,760.00 and then at $1,750.00.
Wyckoff’s Market Rating: 8.0

December silver futures closed down $0.461 an ounce at
$34.195 today. Prices closed near the session low today and
saw profit taking from recent gains that saw prices Friday
hit a six-month high. The key “outside markets” were a bit
bearish for silver late today, as the U.S. dollar index was
slightly higher and crude oil prices were slightly lower.
Silver bulls are still in strong 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 $36.00
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at last week’s low of $32.51. First resistance is seen at
$34.50 and then at $35.00. Next support is seen at $34.00
and then at $33.50. Wyckoff's Market Rating: 8.0.

December N.Y. copper closed down 520 points at 378.00 cents
today. Prices closed near the session low today on profit
taking after prices Friday hit a 4.5-month high. The key
“outside markets” were a bit bearish for copper late today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. Copper bulls still have the near-term
technical advantage. Prices are in a six-week-old uptrend
on the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 386.45 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 364.00 cents. First
resistance is seen at 380.00 cents and then at last week’s
high of 383.80 cents. First support is seen at 375.00 cents
and then at Friday’s low of 373.00 cents. Wyckoff's Market
Rating: 7.0.

*. ENERGIES: October crude oil closed down $3.01 a barrel
at $95.97 today. Prices closed nearer the session low today
and saw a quick, late sell off that had many scratching
their heads. There was no fresh fundamental news to push
the market lower. Profit taking was featured after prices
on Friday hit a fresh four-month high above $100.00. 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. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above major psychological resistance at $100.00 a
barrel. The next near-term downside price breakout
objective for the crude oil bears is to produce a close
below solid technical support at $94.00. First resistance
is seen at $97.00 and then at $98.00. First support is seen
at $95.00 and then at today’s low of $94.65. Wyckoff's
Market Rating: 6.5

October heating oil closed down 899 points at $3.1491
today. Prices closed near mid-range today and hit a fresh
four-week low in late trading. Bulls have the overall near-
term technical advantage but did fade today. A 10-week-old
uptrend on the daily bar chart was negated today. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at last week’s high
of $3.2633. Bears' next downside price breakout objective
is producing a close below solid technical support at
$3.0000. First resistance lies at $3.1750 and then at
$3.2000. First support is seen at today’s low of $3.0923
and then at $3.0500. Wyckoff's Market Rating: 6.5.

October (RBOB) unleaded gasoline closed down 779 points at
$2.9377 today. Prices closed near mid-range today on profit
taking. A bearish “key reversal” down on the daily bar
chart was confirmed last week, which is an early technical
clue that a market top is in place. The bulls do 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 last week’s contract
high of $3.0796. Bears' next downside price breakout
objective is closing prices below solid support at $2.8000.
First resistance is seen at $2.9500 and then at $2.9750.
First support is seen at $2.9000 and then at today’s low of
$2.8609. Wyckoff's Market Rating: 6.5.

October natural gas closed down 7.0 cents at $2.873 today.
Prices closed nearer the session low today and saw profit
taking. Bulls still the slight near-term technical
advantage but need to show fresh power soon. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.135. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.75. First
resistance is seen at $2.90 and then at today’s high of
$2.983. First support is seen at today’s low of $2.856 and
then at $2.80. Wyckoff's Market Rating: 5.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 17 points at 1.3111 today. Prices
closed nearer the session low but did hit another fresh
four-month high early on today. The Euro bulls have the
solid overall near-term technical advantage. Prices are in
a two-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 May high of
1.3300. The next downside price breakout objective for the
bears is closing prices below solid chart support at last
week’s low of 1.2768. First resistance for the Euro lies at
today’s high of 1.3183 and then at 1.3250. Next support is
seen at today’s low of 1.3112 and then at 1.3050. Wyckoff's
Market Rating: 7.5

The December Japanese yen closed down 74 points at 1.2708
today. Prices closed nearer the session low today on profit
taking after prices last week and hit a seven-month high.
Bulls still have the overall near-term technical advantage
but are fading. Bulls' next upside price breakout objective
is closing prices above solid resistance at last week’s
high of 1.2977. Bears' next downside breakout objective is
closing prices below solid technical support at the
September low of 1.2664. First resistance is seen at 1.2750
and then at today’s high of 1.2802. First support is seen
at today’s low of 1.2676 and then at 1.2664. Wyckoff's
Market Rating: 6.0.

The December Swiss franc closed down 14 points at 1.0787
today. Prices closed nearer the session low today and saw
profit taking. Prices Friday hit a three-month high. The
Swissy bulls have the solid overall near-term technical
advantage. Prices are in a two-month-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
1.0900. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0500. First resistance is seen at last week’s high of
1.0838 and then at 1.0850. First support is seen at today’s
low of 1.0770 and then at 1.0720. Wyckoff's Market Rating:
7.5.

The December Australian dollar closed down 94 points at
1.0384 today. Prices closed nearer the session low today on
profit taking. Prices Friday hit a contract high and closed
at a bullish weekly high close. Bulls have the solid near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0600. The next downside breakout objective for the bears
is to produce a close below solid technical support at last
week’s low of 1.0234. First resistance is seen at today’s
high of 1.0474 and then at Friday’s contract high of
1.0537. Next support is seen at 1.0350 and then at 1.0300.
Wyckoff's Market Rating: 7.5

The December Canadian dollar closed down 56 points at
1.0229 today. Prices closed nearer the session low today
and saw profit taking after prices Friday hit a 13-month
high. Bulls still 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 1.0400. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0140. First resistance is seen at
today’s high of 1.0294 and then at Friday’s high of 1.0359.
First support is seen at 1.0200 and then at 1.0171.
Wyckoff's Market Rating: 8.0.

The December British pound closed up 15 points at 1.6231
today. Prices closed near mid-range today and hit a fresh
13-month high. Bulls have the solid overall near-term
technical advantage. Prices are in a nine-week-old uptrend
on the daily chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.6400. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.6000. First resistance is seen at today’s high
of 1.6268 and then at 1.6300. First support is seen at
1.6200 and then at 1.6138. Wyckoff's Market Rating: 8.0.

The December U.S. dollar index closed up 11 points at 79.10
today. Prices closed nearer the session high and saw tepid
short covering after prices hit a 4.5-month low on Friday.
The bears have the solid 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 80.60. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at 78.00.
Next resistance lies at 79.41 and then at 79.64. First
support is seen at last week’s low of 78.72 and then at
78.50. Wyckoff's Market Rating: 2.5.

December U.S. T-Bonds closed up 21/32 at 145 19/32 today.
Prices closed nearer the session high on short covering
after hitting a fresh four-month low early on. Bulls have
faded badly recently. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 143 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 148 even. First
resistance is seen at 146 even and then at 146 16/32. First
support is seen at 145 even and then at today’s low of 144
15/32. Wyckoff's Market Rating: 5.0.

December U.S. T Notes closed up 4.0 (32nds) at 132.00.5
today. Prices closed near mid-range today. Short covering
was featured. Prices hit a three-week low on Friday. 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 133.26.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
August low of 131.02.5. First resistance is seen at today’s
high of 132.06.5 and then at 132.16.0. First support is
seen at last week’s low of 131.23.0 and then at 131.16.0.
Wyckoff's Market Rating: 5.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on mild profit taking after last week hitting
multi-year highs. Stock index bulls still have the solid
overall near-term technical advantage. Most markets saw
selling pressure Monday, and that also spilled over into
the stock indexes. Some general profit taking hit markets
in the aftermath of last week’s U.S. Federal Reserve
announcement of another round of quantitative easing of
monetary policy—nicknamed QE3. That followed the European
Union announcing its own fresh monetary stimulus package
the week before. Both events were deemed stock-market-
bullish. The next major news event the markets are awaiting
this week is Thursday’s manufacturing data coming out of
China. There is still underlying concern in the market
place regarding the European Union’s sovereign debt crisis.
There were no major developments over the weekend as
meetings are ongoing among EU officials to work to
stabilize the crisis. Don’t be surprised if the EU debt
crisis gets moved back to the front burner of the market
place in the near term.

The Nasdaq stock futures index closed down 2.25 at
2,848.25. Prices closed nearer the session 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 last week’s high of 2,859.25 and then at 2,875.00.
First support is seen at 2,825.00 and then at 2,815.00.
Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed down 5.00 at 1,454.00.
Prices closed near mid-range today. 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 1,467.50 and then at 1,475.00. First support
is seen at 1,440.00 and then at 1,428.50. Wyckoff's Market
Rating: 8.0.

The Dow futures closed down 43 points at 13,475. Prices
closed near the session low. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,750. 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 13,515 and
then at last week’s high of 13,570. First support is seen
at 13,450 and then at 13,400. Wyckoff's Market Rating: 8.0.

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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