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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim Wyckoff's Daily Markets Update

Jul 06, 2012

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Copyright: 2012 Jim Wyckoff Enterprises. It is theft and a
violation of international law to redistribute any part of
this proprietary content in any form without expressed
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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: August live cattle closed down $0.32 at
$119.15 today. Prices closed nearer the session low today.
The key "outside markets" were bearish for the cattle
market today as the U.S. dollar index was sharply higher
and crude oil prices were lower. Bulls need to show fresh
power soon to avoid fresh chart damage. However, a minor
bullish pennant pattern and formed on the daily bar chart,
as well as a bullish double-bottom reversal pattern. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at the June
high of $121.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the June low of $115.40. First
resistance is seen at today’s high of $119.80 and then at
$120.00. First support is seen at this week’s low of
$118.65 and then at $118.00. Wyckoff's Market Rating: 4.5

August feeder cattle closed down $1.45 at $145.95 today.
Prices closed near the session low again today and hit a
fresh nine-month low. More sharp gains in corn futures
today and drying pasture lands in cattle country have once
again put strong downside price pressure on the feeders.
Feeder cattle bears have the solid 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 $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 $146.50 and then at $147.00.
First support is seen at today’s low of $145.60 and then at
$145.00. Wyckoff's Market Rating: 1.0

August lean hogs closed down $2.00 at $92.87 today. Prices
closed near the session low today on profit taking from
recent gains. Prices Monday hit a 3.5-month high. The key
"outside markets" were bearish for the hog market today as
the U.S. dollar index was sharply higher and crude oil
prices were lower. Hog bulls have the 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 this week’s high of $96.15.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $91.00.
First resistance is seen at $93.50 and then at $94.00.
First support is seen at $92.50 and then at $92.00.
Wyckoff's Market Rating: 6.0

*. GRAINS: December corn futures closed up 37 1/2 cents at
$7.12 today. Prices closed near the session high today, hit
a fresh contract and nine-month high and were boosted by
the ongoing major weather market in the U.S. Corn Belt. The
forecast is still mostly hot and dry for the region. The key
"outside markets" were bearish for the corn market today as
the U.S. dollar index was sharply higher and crude oil
prices were lower. However, the weather has been and will
continue to be the trump card for the grains for at least
the near term. Corn bulls are still technically and still
bulls have the solid near-term technical advantage. It is
important for traders to remember that market tops is
weather markets usually come well before most expect. Corn
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $7.50. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.76. First resistance for December corn is seen at
today’s contract high of $7.13 and then at $7.20. First
support is seen at $7.00 and then at $6.90. Wyckoff's
Market Rating: 9.5

November soybeans closed up 53 cents at $15.27 3/4 a bushel
today. Prices closed near the session high again today and
soared to a fresh contract and four-year high amid a major
weather market in the Corn Belt. The forecast is still
mostly hot and dry for the region. The key "outside markets"
were bearish for the bean market today as the U.S. dollar
index was sharply higher and crude oil prices were lower.
However, the weather has been and will continue to be the
trump card for the grains for at least the near term. Bean
bulls are still technically and still bulls have the solid
near-term technical advantage. It is important for traders
to remember that market tops is weather markets usually
come well before most expect. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above major psychological
resistance at $16.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $14.40. First
resistance is seen at today’s contract high of $15.29 and
then at of $15.50. First support is seen at $15.00 and then
at today’s low of $14.93. Wyckoff's Market Rating: 9.5.

December soybean meal closed up $17.30 at $446.50 today.
Prices closed near the session high and hit another fresh
contract and four-year high today. Meal bulls have the
strong overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $450.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $414.70. First resistance comes in at
today’s contract high of $447.60 and then at $450.00. First
support is seen at today’s low of $435.70 and then at
$430.00. Wyckoff's Market Rating: 9.5

December bean oil closed up 132 points at 55.20 cents
today. Prices closed near the session high today and hit a
fresh seven-week high. The key "outside markets" were
bearish for the bean oil market today as the U.S. dollar
index was sharply higher and crude oil prices were lower.
However, the weather has been and will continue to be the
trump card for bean oil. Bean oil bulls have the overall
near-term technical advantage and gained more upside
momentum today. The next upside price breakout objective
for the bean oil bulls is pushing and closing prices above
solid technical resistance at 57.00 cents. Bean oil bears'
next downside technical price breakout objective is pushing
and closing prices below solid technical support at this
week’s low of 52.64 cents. First resistance is seen at
today’s high of 55.20 cents and then at 55.50 cents. First
support is seen at 55.00 cents and then at 54.50 cents.
Wyckoff's Market Rating: 7.0

December Chicago SRW wheat closed up 32 3/4 cents at $8.46
1/2 today. Prices closed near the session high today and
hit a fresh 10-month high. The wheat market is closely
following corn and soybeans and there are also some weather
problems in worldwide wheat regions. Wheat bulls have the
solid upside near-term technical advantage. However, it’s
still my bias that wheat has become way over-extended on
the upside and is near a market top within the next week or
so. Wheat bulls’ next upside breakout objective is to push
and close Chicago SRW prices above solid technical
resistance at the August 2011 high of $8.71 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below
psychological support at $8.00. First resistance is seen at
today’s high of $8.49 1/2 and then at $8.60. First support
lies at $8.35 and then at today’s low of $8.23 1/4.
Wyckoff's Market Rating: 9.0.

December K.C. HRW wheat closed up 35 1/4 cents at $8.58 3/4
today. Prices closed near the session high again today and
hit a fresh 10-month high. Bulls have strong upside near-
term technical momentum and have the solid overall near-
term technical advantage. But my bias is that this market
is not far from a major top. Bulls' next upside price
breakout objective is pushing and closing prices above
major psychological resistance at $9.00. The bears' next
downside breakout objective is pushing and closing prices
below solid psychological support at $8.00. First
resistance is seen at today’s high of $8.62 1/4 and then at
$8.75. First support is seen at $8.50 and then at today’s
low of $8.34 3/4. Wyckoff's Market Rating: 9.0

December oats closed up 7 1/4 cents at $3.64 today. Prices
hit a fresh 10-month high today and closed nearer the
session high. Oats are following the major grains on a bull
run. 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
$3.50. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.75. First support lies at $3.60 and then at today’s
low of $3.56 1/4. First resistance is seen at today’s high
of $3.66 1/2 and then at $3.70. Wyckoff's Market Rating:
8.0

*. SOFTS: October sugar closed down 10 points at 21.88
cents today. Prices closed near the session low today and
hit a fresh 2.5-month high early on. Some profit taking
from recent strong gains was seen today. Also, the key
"outside markets" were bearish for the sugar market today
as the U.S. dollar index was sharply higher and crude oil
prices were lower. Prices are still in a four-week-old
uptrend on the daily bar chart. Bulls have the overall
near-term technical advantage. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 23.00 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 20.50 cents. First resistance is
seen at 22.05 cents and then at 22.25 cents. First support
is seen at today’s low of 21.80 cents and then at 21.59
cents. Wyckoff's Market Rating: 6.0.

September coffee closed down 90 points at 179.55 cents.
Prices closed nearer the session low today on profit taking
from recent gains but did hit a fresh two-month high early
on. Also, the key "outside markets" were bearish for the
coffee market today as the U.S. dollar index was sharply
higher and crude oil prices were lower. The bulls have the
slight overall near-term technical advantage as it appears
a major low is now in place. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at 190.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 165.00 cents a pound. First
resistance is seen at 184.40 cents and then at today’s high
of 187.10 cents. First support is seen at today’s low of
175.80 cents and then at 172.50 cents. Wyckoff's Market
Rating: 5.5

September cocoa closed down $27 at $2,323 a ton. Prices
closed nearer the session low today and hit a fresh three-
month high early on. The key "outside markets" were bearish
for the cocoa market today as the U.S. dollar index was
sharply higher and crude oil prices were lower. Cocoa bulls
have the slight 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
$2,480. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,200. First resistance is seen at $2,350 and
then at today’s high of $2,375. First support is seen at
$2,300 and then at $2,271. Wyckoff's Market Rating: 5.5

December cotton closed down 202 points at 70.58 cents
today. Prices closed near the session low today. The key
"outside markets" were bearish for the sugar market today
as the U.S. dollar index was sharply higher and crude oil
prices were lower. The cotton bears 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 June high of 74.80 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at the June low of 64.61 cents. First resistance is seen at
72.00 cents and then at today’s high of 72.75 cents. First
support is seen at 70.00 cents and then at 68.50 cents.
Wyckoff's Market Rating: 2.5

September orange juice closed up 535 points at $1.2610
today. Prices closed nearer the session high and hit a
fresh two-month high today. FCOJ bears have the slight
overall near-term technical advantage. However, this market
may be "basing" at lower price levels, which means a market
low may be in place. 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 the June
low of $1.0765. First resistance is seen at today’s high of
$1.2820 and then at $1.3000. First support is seen at
$1.2500 and then at today’s low of $1.2130. Wyckoff's
Market Rating: 4.5.

September lumber futures closed up the $10.00 limit at
$282.80 today. Prices hit a fresh three-week high today.
Bulls now have the slight overall near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $270.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $290.00. First
resistance is seen at $285.00 and then at $286.00. First
support is seen at $280.00 and then at $278.00. Wyckoff's
Market Rating: 5.5

*. METALS: August gold futures closed down $13.00 an ounce
at $1,608.80 today. Prices closed near mid-range today on a
corrective pullback from recent gains. The key "outside
markets" were bearish for gold today as the U.S. dollar
index was sharply higher and crude oil prices were lower.
The gold market bulls and bears are on a level near-term
technical playing field amid choppy trading conditions. The
gold bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at the
June high of $1,642.40. Bears' next near-term downside
price objective is closing prices below solid technical
support at last week’s low of $1,547.60. First resistance
is seen at $1,616.30 and then at this week’s high of
$1,625.70. First support is seen at today’s low of
$1,597.50 and then at this week’s low of $1,587.40.
Wyckoff’s Market Rating: 5.0

September silver futures closed down $0.0585 an ounce at
$27.685 today. Prices closed nearer the session low today.
The key "outside markets" were bearish for silver today as
the U.S. dollar index was sharply higher and crude oil
prices were lower. Silver bears still have the overall
near-term technical advantage but trading has turned choppy
recently. Prices are still in a four-month-old downtrend on
the daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $29.135 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $26.105.
First resistance is seen at $28.00 and then at this week’s
high of $28.445. Next support is seen at $27.50 and then at
this week’s low of $27.185. Wyckoff's Market Rating: 3.5.

September N.Y. copper closed down 495 points 349.05 cents
today. Prices closed nearer the session low today on a
corrective pullback from recent solid gains. The key
"outside markets" were bearish for copper today as the U.S.
dollar index was sharply higher and crude oil prices were
lower. Copper bulls still have the slight near-term
technical advantage. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 362.50 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the June low of 325.00
cents. First resistance is seen at 350.00 cents and then at
today’s high of 354.00 cents. First support is seen at
today’s low of 346.95 cents and then at this week’s low of
345.25 cents. Wyckoff's Market Rating: 5.5.

*. ENERGIES: August crude oil closed down $0.71 a barrel at
$86.95 today. Prices closed nearer the session low today
after hitting a fresh five-week high early on. The stronger
U.S. dollar index today put downside price pressure on
crude. Still, recent price action is a solid clue that a
market low in crude oil is in place. The crude bears do
still have the overall near-term technical advantage. The
next near-term upside price breakout objective for the
crude oil bulls is producing a close above solid technical
resistance at $90.00 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 $82.00.
First resistance is seen at $88.00 and then at today’s high
of $88.98. First support is seen at $86.00 and then at
$85.00. Wyckoff's Market Rating: 4.0

August heating oil closed up 61 points at $2.7646 today.
Prices closed near mid-range today and hit a fresh five-
week high today. Bears still have the overall near-term
technical advantage, but a market low is likely now in
place, or close to it. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $2.8500. Bears' next downside price breakout
objective is producing a close below solid technical
support at the June low of $2.5084. First resistance lies
at today’s high of $2.7899 and then at $2.8000. First
support is seen at $2.7500 and then at today’s low of
$2.7256. Wyckoff's Market Rating: 3.5.

August (RBOB) unleaded gasoline closed up 393 points at
$2.7622 today. Prices closed nearer the session high and
hit a fresh five-week high today. Bears still have the
slight overall near-term technical advantage but it appears
a market bottom is now in place. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at $2.8500. Bears' next downside
price breakout objective is closing prices below solid
support at this week’s low of $2.5700. First resistance is
seen at today’s high of $2.7950 and then at $2.8250. First
support is seen at $2.7500 and then at $2.7250. Wyckoff's
Market Rating: 4.5.

August natural gas closed up 3.9 cents at $2.938 today.
Prices closed nearer the session high today and closed at a
fresh four-month high close. Bulls have gained good upside
near-term technical momentum. Prices are in a three-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 last week’s high of $2.975.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $2.55.
First resistance is seen at today’s high of $2.957 and then
at $2.975. First support is seen at today’s low of $2.885
and then at $2.786. Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 221 points at 1.2401 today. Prices
closed nearer the session low today and hit a fresh four-
week low as the bulls have quickly faded. The Euro bears
have the solid overall near-term technical advantage again.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at last
week’s high of 1.2703. The next downside price breakout
objective for the bears is closing prices below solid chart
support at the June low of 1.2298. First resistance for the
Euro lies at 1.2450 and then at 1.2500. Next support is
seen at today’s low of 1.2374 and then at 1.2298. Wyckoff's
Market Rating: 1.5

The September Japanese yen closed down 6 points at 1.2528
today. Prices closed near mid-range today. Bulls are on a
level near-term technical playing field with the bears.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1.2737. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2300. First resistance is seen at
today’s high of 1.2581 and then at this week’s high of
1.2624 and then at last week’s high of 1.2653. First
support is seen at today’s low of 1.2492 and then at
1.2450. Wyckoff's Market Rating: 5.0.

The September Swiss franc closed down 189 points at 1.0333
today. Prices closed nearer the session low today and hit a
fresh four-week low. The bears have the solid overall near-
term technical advantage in the Swissy. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at last week’s high of 1.0588. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the June
low of 1.0280. First resistance is seen at 1.0400 and then
at 1.0450. First support is seen at today’s low of 1.0310
and then at 1.0280. Wyckoff's Market Rating: 1.0.

The September Australian dollar closed up 3 points at
1.0218 today. Prices closed near mid-range today and hit
another fresh two-month high. Bulls have the near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the April high of 1.0325. The next downside breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of .9894. First
resistance is seen at today’s high of 1.0261 and then at
1.0300. Next support is seen at this week’s low of 1.0141
and then at 1.0100. Wyckoff's Market Rating: 6.0

The September Canadian dollar closed down 10 points at
.9846 today. Prices closed nearer the session low today and
did hit another fresh six-week high. Bulls have the slight
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9925. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of .9632. First
resistance is seen at today’s high of .9885 and then at
.9900. First support is seen at .9813 and then at this
week’s low of .9786. Wyckoff's Market Rating: 5.5.

The September British pound closed down 169 points at
1.5524 today. Prices closed nearer the session low today.
Bears have regained the near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the June
high of 1.5773. Bears' next downside technical breakout
objective is closing prices below solid support at last
week’s low of 1.5481. First resistance is seen at 1.5600
and then at today’s high of 1.5688. First support is seen
at last week’s low of 1.5481 and then at 1.5400. Wyckoff's
Market Rating: 4.0.

The September U.S. dollar index closed up 108 points at
82.95 today. Prices closed near the session high today and
hit a fresh three-week high. Greenback bulls gained fresh
upside near-term technical momentum with today’s big gains.
Bulls have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the June high of
84.00. The next downside price breakout objective for the
bears is to produce a close below solid technical support
at the June low of 81.39. Next resistance lies at today’s
high of 83.08 and then at 83.50. First support is seen at
82.50 and then today’s low of 82.18. Wyckoff's Market
Rating: 7.0.

September U.S. T-Bonds closed up 13/32 at 148 30/32 today.
Prices closed near mid-range and saw some safe-haven buying
today. Trading has turned choppy and sideways. Bulls still
have the overall near-term technical advantage. Prices are
in a 3.5-month-old uptrend on the daily bar chart. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 146 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
contract high of 152 19/32. First resistance is seen at
today’s high of 149 12/32 and then at this week’s high of
150 2/32. First support is seen at today’s low of 148 14/32
and then at 148 even. Wyckoff's Market Rating: 7.0.

September U.S. T Notes closed up 10.0 (32nds) at 133.30.5
today. Prices closed nearer the session high on safe-haven
buying. Bulls have the solid overall near-term technical
advantage. Prices are in a 3.5-month-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
the contract high of 134.30.5. The next downside price
breakout objective for the bears is producing a close below
solid technical support at 132.16.0. First resistance is
seen at today’s high of 134.03.0 and then at this week’s
high of 134.07.5. First support is seen at today’s low of
133.19.0 and then at this week’s low of 133.09.5. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. It was a bit of a "risk-off" trading day in
the market place today. It was also a busy day on the
central bank front Thursday. The People’s Bank of China cut
its key deposit rate by 0.25%, to 3%. The Chinese central
bank is looking to keep the world’s second-biggest economy
from contracting too fast. Also, the Bank of England
announced it is easing its monetary policy by increasing
its bond-buying program. The European Central Banking
meeting Thursday resulted in a 0.25% rate cut, which was
expected by the market place. And that was followed by the
Danish central bank also cutting its key interest rates.
These fresh central bank moves Thursday laid more
groundwork for the U.S. to embark on another quantitative
easing path. Most reckon that further easing of monetary
policies by the major central banks of the world (printing
money) will be bullish for the raw commodity markets,
including the precious metals, due to the inflationary
implications of the easing. Traders are also awaiting
Friday morning’s U.S. jobs report. The most closely watched
non-farm payrolls figure of the report is expected to have
increased by around 90,000 in June. However, the non-jobs
figure may come in better than that, as Thursday’s ADP
employment report showed a rise of around 175,000.

The Nasdaq stock futures index closed up 1.75 at 2,643.25.
Prices closed nearer the session high today and hit a fresh
six-week high. Bulls' next upside price breakout objective
is closing prices above solid resistance at 2,700.00. The
bears' next downside price breakout objective is closing
prices below solid technical support at last week’s low of
2,503.50. First resistance is seen at today’s high of
2,655.75 and then at 2,675.00. First support is seen at
today’s low of 2,621.00 and then at this week’s low of
2,599.50. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 6.60 at 1,361.40.
Prices closed nearer the session low today and hit another
fresh seven-week high early on. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1,400.00. The next downside price breakout objective for
the bears is closing prices below solid support at last
week’s low of 1,302.70. First resistance is seen at today’s
high of 1,374.90 and then at 1,385.00. First support is
seen at today’s low of 1,357.00 and then at this week’s low
of 1,349.70 and then at 1,341.00. Wyckoff's Market Rating:
6.0.

The Dow futures closed down 35 points at 12,832 today.
Prices closed near mid-range today and hit a fresh seven-
week high early on. The next upside price objective for the
bulls is closing prices above solid technical resistance at
13,000. The next downside price objective for the bears is
closing prices below solid technical support at 12,300.
First resistance in the Dow lies at today’s high of 12,890
and then at 12,950. First support is seen at today’s low of
12,785 and then at this week’s low of 12,730. Wyckoff's
Market Rating: 6.0.

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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