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November 2013 Archive for Outlook Today

RSS By: Bob Utterback, Farm Journal

Bob Utterback has more than 26 years of experience and offers producers a disciplined approach to marketing.

Short Week for Trade and Wheat Recommendations

Nov 27, 2013

This will be a short week trading activity with Thanksgiving. It should also be noted that Friday is first notice day of the Dec contract. As for wheat, I believe adequate winter acres have been planted. The crop is off to a normal start but the critical winter injury time period is ahead.
 
Global supplies are on the high side so it’s going to take an bullish supply reduction event to get prices back to comfortable levels. We however believe if you have taken out a high crop insurance level and merged it with a good selling program, profitability will still be solid for wheat. IF you are a wheat/bean double crop producer, you must get a floor under both your wheat and bean prices as soon as possible.
 
Since the market has not recovered, we are getting increasingly worried about the long term downside fundamental risk of wheat. We have no choice but to start recommending a put floor buying strategy.
 
Step 1: BUY at the money July 2014 $6.60 put. Have open orders to roll up 10- cent strike price when the premium price difference moves to 3 cents. This will only happen if the market rallies over 30 cents. The current cost of the put is approximately 45 cents plus commission.
 
Step 2: SELL out of the money July call at the strike price you would be will to assume speculative risk. My suggestion is go as high as possible and still get at least 20 cents of premium. At current price levels this would be a $7.20 put which is out of the money not quite 60 cents.
 
At this time you can stop and assume a net cost at expiration of 25 cent off the $6.60 put or $6.35 minus commission.
 
Step 3 OPTIONAL: SPECULATIVE SELLMarch out of money wheat puts to reduce cost. The objective would be at least 10 cent premium which suggest a $6.20 put which is only 30 cents out of money. This means the puts must be sold on an oversold condition. UMS will have to actively help you manage the risk of the short puts.
 
Are you having problems combining your cost of production with yield, basis, crop insurance and marketing strategy. Starting in 2014 we are offering a consolation service where we individualize all of these factors into a monthly printout so you know where your figures are at all times. Then when a decision about basis or marketing comes up, one can "know" the exact impact on your bottom line. This service will be provided on a per acre basis. So if you are looking for a one on one relationship with Bob Utterback in developing and implementing a total risk management plan now is time to get signed up. For the 2014 season Mr. Utterback is only going to take on 15 accounts. So be sure to sign up today before it’s too late.
 
If anyone has questions and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.
 
THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.
 
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
 
THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.

Where Do the Grain Markets Go from Here?

Nov 19, 2013

Yesterday’s Crop Progress confirmed harvest should be almost complete by Thanksgiving. The bins are overflowing and producers really do not wish to sell at the $4 level. Many will be hoping for a bounce after the bin doors shut or after Thanksgiving to get some more sales done.

In our opinion it may be difficult to see any more than a 20 to 25 cent rally in corn. Our recommendations for producers with forward sales on the books in the Dec should roll forward to capture carry. We do not encourage significant off farm storage. Essentially, after cost your net gain will be limited.

Our focus is on soybeans, with continued good weather in South America and the higher price for U.S. soybeans, China may begin to limit future sales. Now with harvest almost complete one must begin to consider marketing strategies for the upcoming year and decide where target selling prices should be set, the form of sales to be made and how to protect your risk. Our beginning target price for November 14 soybeans is around $12.

If anyone has questions and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.

 

THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.

DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.

THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
 

Using Calendar Put Spreads for Low Prices

Nov 15, 2013

SITUATION:

It is our understanding that much of the 2013 corn production may be unpriced. Yields were better than anticipated and many were hoping for corn to be back above $5 at this time.

Hope for higher prices and fear that the highs may already be in has many producers doing nothing but waiting. At this point we have to assume that the 2013 corn production will continue to increase before we see the final numbers in January.

The worse-case scenario could be the producer continues to store hoping for a bounce next spring on the premise that seasonally there is a potential fight for corn acres. While we may see a minor bounce, it may be difficult for December 2014 corn to move much above $5. The reason being the large amounts of unpriced inventory in farmer’s hands along with weak prospects of demand due to the uncertainty about feed usage, ethanol usage and the overall level of exports in a global contracting environment.

PROBLEM:

We believe that producers still have limited protection in place for expected 2014 production. While we don’t want to deter producers from holding off for higher prices in regards to cash sales into the spring/summer time period, we would suggest in these economic times it would be prudent to have a solid downside risk program in place just in case a weather price event does not occur.

SOLUTION:

Be prepared to sell futures or cash in the spring/summer time period if a price event does occur, but focus on getting a calendar put spread in place. Essentially, focus on selling the May puts now with harvest ending. Once the puts have been sold, focus on buying the Sep or Dec puts. One is essentially assuming some type of seasonal price stability in this strategy.

A rally is not necessary to make this strategy successful; the market simply needs to stop going sharply lower. Essentially, the focus of this strategy is to take advantage of a sideways to higher market to capture the time value decay of the short put in order to pay for the Sep or Dec puts.

EXAMPLE:

Sell 1 May $4.20 out-of-the money puts for 13 cents with a net delta exposure of .3072 or for every 10-cent move in futures, the premium should change .03072 cents.

Buy 1 Sep $4.30 out-of-the-money puts for $.231. This would result in a net long put with a net delta exposure of .3347

To figure the net risk on a daily basis, take the net short delta [.3072] and subtract the net long delta of .3347, which results in a net .0275. This figure, however, is not a static number and will increase or decrease with the move in the market. However, for planning purposes let’s assume for every 10-cent move in the underlying futures one should expect a little over a 1 cent move positive or negative in the position. It should be noted that other factors, such as changes in volatility expectation, can change premium as well, but for now we will assume this value as a constant.

RESULT:

Receive 13 – 1 commission or .12 received
Spend 231 + 1 commission or .241 cost.

The plan is if the May puts expire worthless in mid-April, the net cost of the Sep $4.30 put has been reduced to 12 cents. By starting with the May puts, there is the potential to sell July puts at expiration in order to reduce costs even more. Another alternative is to use the money received from selling a July put to roll the long September put to December. There are several ways to adjust this strategy to increase or reduce the risk.

In regards to selling puts, the lower the strike price sold, the greater the odds it will expire worthless but less income will be received to pay for the long put. If selling a lower strike price is elected and multiple positions are sold, one must understand there is a greater responsibility of managing the risk of the short July puts if the market does move sharply lower.

In regards to buying puts, if one desires to spend less money, focus on buying Sep puts. The only problem is the market has to break faster and the August Supply/Demand report must be very bearish.

HOW MUCH RISK TO ACCEPT:

The risk of this strategy is the assumption the market is not going to crash between now and when the short put expires. If it does, we see two ways to manage risk:
 

  1. Stop orders cannot be placed on option positions so one would have to watch closely and, if the market is trending higher, risk no more than 10 cents or the money received for writing the short put.
  2. Roll the short put down: We suggest never allowing the put to go more than 10 cents in-the-money. Another way of thinking is we don’t want our short put to ever have a net delta of more than .45.

 

SUMMARY:

The end objective is to have a very low cost Sep or Dec put position in place below the market in case a price event does not occur to get to price levels where one wants to sell inventory.

If anyone has questions and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.

 

THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.

DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.

THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
 

2014 Prices Still Not Looking Favorable

Nov 12, 2013

The government report last Friday did one good thing for the market. It took away the fear that the market was going to fall below $4 in lead-month corn. Today the market has seen a decent short covering rally, but it should not be expected to move much higher.

To move lead month Dec corn above $4.50,

  1. We will first need confirmation that the crop is getting smaller rather than the expected pattern of getting bigger.
  2. Corn exports will have to exceed expectation. The key is China; how much are they going to build in their reserves? The hope is high they will stock pile, but why do so if the U.S. farmers are willing to hold their crop, and prospects are good for solid acreage above 93 million next year.


For some time we have felt the market was going to be range bound. This report does nothing to change that expectation. We expect a moderate rally into December as the bin door shut and harvest pressure stops. Then the need for cash flow sales brings inventory into the market between January and March. I would not be surprised to see a double bottom in the lead month charts.

In our opinion, the real upside potential starts in May when we see how many acres get planted and what weather pattern(s) develop. We expect the bull spreads will have some moderate recovery during this time.

In summary, we see no reason for 2014 prices to explode unless we see a significant weather event. We want producers to continue to sell rallies in the deferred contracts and then manage the spreads and sell puts to enhance the trade. Next year is a year to simply get through with the least damage to the bottom line rather than treat it like a home run year!

If anyone has questions and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.

THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.

DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.

THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
 

Looking Forward to the Nov. 8 Crop Production Report

Nov 05, 2013

According to Monday’s Crop Progress report, corn harvest is 73% done while soybeans lagged with only an additional 9%, making it 86% complete.

Harvest delays due to weather should give producers the opportunity to think about Friday’s Production Report and what it means for them. USDA should announce an increase in yield for both corn and soybeans.

The last Crop Production report in September listed corn at 155.3 and many analysts believe the report will show yield between 159 and 161 bushels. Anything above 161 bushels would be devastating to the corn market.

Add to this the potential reduction of corn in ethanol usage and it will be difficult for corn to move much above $5 next year unless a weather event is seen. In our opinion the market will move sideways to slightly higher through March and slowly grind lower unless a weather scare is seen during pollination. Producers should be considering calendar put spreads and positions in the market to either place hedges at prices where they feel comfortable selling their anticipated production or reownership.

As for soybeans, the September yield figure was 41.2 and expectations are slightly higher at 42.75 to 43.25. It is somewhat bothersome that soybeans cannot maintain their push higher with only slightly higher yields and good export inspections. South America is also getting timely rains that would imply the possibility for a record crop.

We will discuss spread strategies and how they work in our next blog. If anyone has questions and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.

 

THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.


DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.


THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.
 

Corn Harvest Entering the Final Stages

Nov 01, 2013

The U.S. corn harvest is now entering its final stage when all the bins on the farm are full and cash grain has to be dumped at the local elevator. We see no change in the basic belief that yields will be increased in next week’s supply/demand report.

At the same time, we expect USDA will suggest strong exports as justified by the recent strong export pace. It appears the bear has the most power over the market going into the report. We would not be surprised to see a bearish report and positive reaction.

However, we strongly suggest that only a modest rally will be seen [during November] when the bin doors shut. Our concern is the lead month lows could still be seen in the first quarter of 2014 as farmers make cash flow sales to make annual payments. Bottom Line: We would be a scale down buyer of lead month corn from current levels to low $4’s, and a scale up seller of lead month corn at $4.50 to $4.60.

We realize the flat price range is very tight; subsequently the real action will be in selling calls and puts for premium value decay against the Mar or May contracts. We would also look at the bull spread. We suggest the market will not get excited about buying corn for a weather market potential until it gets well into April.

 

Bob has come out with his 2014 marketing plan to give our clients his projections for next year along with recommendations as to how to increase profit margins for next year. If anyone is interested in receiving a copy, call our office (1-800-832-1488). If you have questions, ask them and we will try to answer them each week on our blog, Email questions to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.

 


THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF UTTERBACK MARKETING SERVICES, INC. AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY UTTERBACK MARKETING SERVICES, INC. BY ACCEPTING THIS COMMUNICATION, YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FUTURES MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT, RELY SOLELY ON THIS COMMUNICATION IN MAKING TRADING DECISIONS.


DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.


THE RISK OF LOSS IN TRADING FUTURES AND/OR OPTIONS IS SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. TRADING ADVICE IS BASED ON INFORMATION TAKEN FROM TRADES AND STATISTICAL SERVICES AND OTHER SOURCES THAT UTTERBACK MARKETING SERVICES, INC. BELIEVES ARE RELIABLE. WE DO NOT GUARANTEE THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. TRADING ADVICE REFLECTS OUR GOOD FAITH JUDGMENT AT A SPECIFIC TIME AND IS SUBJECT TO CHANGE WITHOUT NOTICE. THERE IS NO GUARANTEE THAT THE ADVICE WE GIVE WILL RESULT IN PROFITABLE TRADES.

 

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