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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--August 21

Aug 22, 2012

Tuesday Evening, August 21-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 $0.85 at
$124.62 today. Prices closed near the session low today and
were pressured by the sharp gains in corn futures prices
this week. The cattle bulls are fading and are back on a
level near-term technical playing field with the bears. A
four-week-old uptrend line on the daily bar chart was
negated today. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s 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 $123.60. First resistance is seen at
$125.00 and then at today’s high of $125.50. First support
is seen at today’s low of $124.60 and then at $124.00.
Wyckoff's Market Rating: 5.0

October feeder cattle closed down $1.65 at $142.40 today.
Prices closed near the session low today, pressured by this
week’s rally in corn futures. Feeder cattle bears have
regained the 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 last
week’s high of $145.95. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $141.00. First resistance is
seen at $143.00 and then at today’s high of $143.50. First
support is seen at today’s low of $142.25 and then at
$142.00. Wyckoff's Market Rating: 4.0

October lean hogs closed down $0.10 at $75.80 today in very
quiet trading. Prices closed near mid-range today. Bears
have the solid 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 $77.70. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at the contract low of $74.90. First
resistance is seen at this week’s high of $76.45 and then
at $77.00. First support is seen at last week’s low of
$75.50 and then at $74.90. Wyckoff's Market Rating: 1.5

*. GRAINS: December corn futures were up 15 1/2 cents at
$8.39 in late trading today. Prices were near the session
high and poised to close at a contract high close today.
Focus is on the Pro Farmer Midwest crop tour, which has so
far found dour crop conditions. It was also a “risk-on” day
in the market place today as the key outside markets were
bullish for corn—the U.S. dollar index was solidly lower
and crude oil prices were higher. The corn bulls maintain
the solid overall near-term technical advantage and have
gained fresh upside momentum this week. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at the contract high of $8.49.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $7.86. First resistance for December
corn is seen at $8.49 and then at $8.60. First support is
seen at $8.30 and then at today’s low of $8.21 1/2.
Wyckoff's Market Rating: 9.0

November soybeans were up 49 1/4 cents at $17.32 1/2 a
bushel in late trading today. Prices were near the session
high and hit a fresh contract high today. Focus is on the
Pro Farmer crop tour this week, and early results are dour
for the crops. It was a “risk-on” day in the market place
today as the key outside markets were bullish for beans—the
U.S. dollar index was solidly lower and crude oil prices
were higher. Price action this week has produced a bullish
upside “breakout” from a symmetrical triangle pattern on
the daily bar chart. Soybean bulls have the solid overall
near-term technical advantage. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing November prices above psychological
resistance at $18.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$16.41. First resistance is seen at $17.50 and then at
$17.75. First support is seen at $17.00 and then at today’s
low of $16.81. Wyckoff's Market Rating: 9.5.

December soybean meal was up $11.90 at $524.70 in late
trading today. Prices hit a fresh contract high and
were near the session high. Meal bulls have the solid
overall near-term technical advantage and have gained more
power this week. Prices are in a solid 2.5-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 $535.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at this
week’s low of $497.30. First resistance comes in at today’s
contract high of $527.90 and then at $530.00. First support
is seen at $520.00 and then at $515.00. Wyckoff's Market
Rating: 9.5

December bean oil was up 165 points at 56.17 cents in late
trading today. Prices were nearer the session high and hit
a fresh nearly four-month high today. Bean oil bulls have
the 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 57.50 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 53.65 cents. First resistance is seen at
today’s high of 56.30 cents and then at 56.50 cents. First
support is seen at 56.00 cents and then at 55.50 cents.
Wyckoff's Market Rating: 7.0

December Chicago SRW wheat was up 20 cents at $9.22 3/4 in
late trading today. Prices were nearer the session high
today and saw more short covering and bargain hunting. It
was a “risk-on” day in the market place today as the key
outside markets were bullish for silver—the U.S. dollar
index was solidly lower and crude oil prices were higher.
Wheat bulls have the solid overall near-term technical
advantage and gained fresh upside momentum today. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at the
July high of $9.53 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 last
week’s low of $8.57 1/4. First resistance is seen at
today’s high of $9.26 1/4 and then at $9.33 1/4. First
support lies at $9.12 and then at $9.00. Wyckoff's Market
Rating: 7.5.

December K.C. HRW wheat was up 17 1/2 cents at $9.33 in
late trading today. Prices were nearer the session high.
The bulls have the solid overall near-term technical
advantage and gained fresh upside momentum today. 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
last week’s low of $8.74 1/4. First resistance is seen at
today’s high of $9.36 1/2 and then at $9.50. First support
is seen at today’s low of $9.13 1/2 and then at $9.00.
Wyckoff's Market Rating: 7.5

December oats were up 8 1/4 cents at $3.97 today in late
trading. Prices were near the session high and poised to
close at a fresh contract high close. Oats bulls have the
solid overall near-term technical advantage and are
following the major grains. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at last week’s low of $3.65. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the August high
of $3.98 1/2. First support lies at $3.92 1/4 and then at
today’s low of $3.87. First resistance is seen at $3.98 1/2
and then at $4.00. Wyckoff's Market Rating: 8.5

*. SOFTS: October sugar closed down 72 points at 19.78
cents today. Prices closed near the session low today and
hit a fresh nine-week low. Reports of a big Brazilian sugar
crop are bearish for the market. It was a “risk-on” day in
the market place today as the key outside markets were
bullish for sugar—the U.S. dollar index was solidly lower
and crude oil prices were higher. Yet, sugar sold off
sharply, which is another bearish clue for sugar. Sugar
bears still have the solid near-term technical advantage
and have downside momentum on their side. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at this week’s high of
20.70 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at the June low of 19.24 cents. First resistance is seen at
20.00 cents and then at 20.11 cents. First support is seen
at today’s low of 19.75 cents and then at 19.50 cents.
Wyckoff's Market Rating: 1.5.

December coffee closed down 50 points at 164.05 cents.
Prices closed near the session low again today. It was a
“risk-on” day in the market place today as the key outside
markets were bullish for coffee—the U.S. dollar index was
solidly lower and crude oil prices were higher. Yet, coffee
could not rally today, which is a bearish clue. Bears have
the solid overall near-term technical advantage. Prices are
in a six-week-old downtrend on the daily bar chart. The
coffee bulls' next upside breakout objective is to close
prices above solid technical resistance at 172.50 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the
contract low of 153.70 cents a pound. First resistance is
seen at 165.00 cents and then at this week’s high of 166.60
cents. First support is seen at this week’s low of 163.20
cents and then at last week’s low of 160.25 cents.
Wyckoff's Market Rating: 2.5

December cocoa closed up $13 at $2,421 a ton. Prices closed
near mid-range today. It was a “risk-on” day in the market
place today as the key outside markets were bullish for
cocoa—the U.S. dollar index was solidly lower and crude oil
prices were higher. Cocoa bulls 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 August high of
$2,501. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,300. First resistance is seen at today’s high
of $2,453 and then at this week’s high of $2,463. First
support is seen at last week’s low of $2,378 and then at
the August low of $2,364. Wyckoff's Market Rating: 6.0

December cotton closed up 234 points at 77.17 cents today.
Prices closed near the session high and hit a fresh three-
month high today. It was a “risk-on” day in the market
place today as the key outside markets were bullish for
cotton—the U.S. dollar index was solidly lower and crude
oil prices were higher. Cotton bulls have the near-term
technical advantage and gained more technical power today.
Prices are in a 2.5-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 80.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at this week’s low of 73.30
cents. First resistance is seen at today’s high of 77.49
cents and then at 78.00 cents. First support is seen at
76.00 cents and then at 75.00 cents. Wyckoff's Market
Rating: 6.0

November orange juice closed up 925 points at $1.2020
today. Prices closed near the session high today and hit a
fresh five-week high. Bulls gained fresh upside momentum
today as it’s the tropical storm season in the Atlantic.
Bulls now have the overall near-term technical advantage in
November FCOJ. The next upside price breakout objective for
the FCOJ bulls is pushing and closing prices above
technical resistance at $1.2500. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.1000.
First resistance is seen at $1.2100 and then at $1.2250.
First support is seen at $1.1800 and then at $1.1600.
Wyckoff's Market Rating: 5.5.

November lumber futures closed down $1.30 at $297.50 today.
More profit taking from recent gains was seen today. Bulls
still have the 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 $290.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at last week’s contract high of
$308.00. First resistance is seen at $300.00 and then at
this week’s high of $303.50. First support is seen at
$295.00 and then at $292.00. Wyckoff's Market Rating: 6.5

*. METALS: December gold futures closed up $19.90 an ounce
at $1,642.90 today. Prices closed near the session high
today and hit a fresh 2.5-month high. It was a “risk-on”
day in the market place today as the key outside markets
were bullish for gold—the U.S. dollar index was solidly
lower and crude oil prices were higher. Bulls gained fresh
upside technical momentum today as prices are on the verge
of a bullish upside “breakout” from the choppy and sideways
trading range that has been in place on the daily chart for
nearly three months. The gold market bulls today gained the
slight overall near-term technical advantage. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the June high of
$1,646.40. Bears' next near-term downside price objective
is closing prices below solid technical support at the
August low of $1,586.30. First resistance is seen at the
June high of $1,646.40 and then at $1,650.00. First support
is seen at $1,633.30 and then at $1,625.00. Wyckoff’s
Market Rating: 5.5

September silver futures closed up $0.857 an ounce at
$29.45 today. Prices closed near the session high again
today and hit a fresh 2.5-month high. It was a “risk-on”
day in the market place today as the key outside markets
were bullish for silver—the U.S. dollar index was solidly
lower and crude oil prices were higher. This week’s price
action in silver has produced a big and bullish upside
breakout from a sideways and choppy trading range that had
been in place on the daily bar chart. Silver bulls have
gained the overall near-term technical advantage and have
fresh upside momentum. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at the June high of $29.915 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $27.50. First
resistance is seen at $29.50 and then at $29.915. Next
support is seen at $29.00 and then at today’s low of
$28.61. Wyckoff's Market Rating: 6.0.

September N.Y. copper closed up 760 points at 344.75 cents
today. Prices closed nearer the session high today on short
covering and bargain hunting. It was a “risk-on” day in the
market place today as the key outside markets were bullish
for copper—the U.S. dollar index was solidly lower and
crude oil prices were higher. Copper bulls and bears are
now back on a level near-term technical playing field.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at the July
high of 355.65 cents. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the August low of 328.85 cents. First
resistance is seen at today’s high of 346.65 cents and then
at 350.00 cents. First support is seen at 340.00 cents and
then at today’s low of 337.00 cents. Wyckoff's Market
Rating: 5.0.

*. ENERGIES: October crude oil closed up $0.40 a barrel at
$96.66 today. Prices closed near mid-range today and hit
another fresh three-month high. Crude oil bulls have the
overall near-term technical advantage. A seven-week-old
price uptrend is 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 $92.00.
First resistance is seen at today’s high of $97.85 and then
at $99.00. First support is seen at today’s low of $96.06
and then at this week’s low of $95.32. Wyckoff's Market
Rating: 6.5

October heating oil closed up 263 points at $3.1278 today.
Prices closed near mid-range today and hit a fresh 3.5-
month high. Bulls have the overall near-term technical
advantage. Prices are in a two-month-old uptrend on the
daily bar chart. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at $3.2000. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.9600. First resistance lies at today’s high
of $3.1491 and then at $3.1750. First support is seen at
today’s low of $3.0977 and then at $3.0750. Wyckoff's
Market Rating: 7.5.

October (RBOB) unleaded gasoline closed up 315 points at
$2.9044 today. Prices closed near mid-range and hit a fresh
four-month high today. 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 bulls is closing prices above solid
technical resistance at $3.0000. Bears' next downside price
breakout objective is closing prices below solid support at
$2.6750. First resistance is seen at today’s high of
$2.9211 and then at $2.9500. First support is seen at
today’s low of $2.8725 and then at $2.8500. Wyckoff's
Market Rating: 7.5.

October natural gas closed up 2.3 cents at $2.838 today.
Prices closed nearer the session high today and more saw
short covering. Prices late last week hit a six-week low.
Bulls need to show more power soon. Bears have the slight
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 $2.50. First resistance is
seen at last week’s high of $2.884 and then at $2.95. First
support is seen at last week’s low of $2.727 and then at
$2.75. Wyckoff's Market Rating: 4.5.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 113 points at 1.2465 today. Prices
closed nearer the session high today and hit a fresh six-
week high. The Euro bears still have the overall near-term
technical advantage, but the bulls did gain fresh upside
momentum today. Prices are in a four-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 1.2500. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.2245. First resistance for the
Euro lies at today’s high of 1.2492 and then at 1.2550.
Next support is seen at 1.2400 and then at today’s low of
1.2349. Wyckoff's Market Rating: 4.0

The September Japanese yen closed up 23 points at 1.2620
today. Prices closed nearer the session high today and saw
more short covering after hitting a fresh five-week low on
Monday. Bulls have the slight overall near-term technical
advantage but are fading and need to show more power soon.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the July high of 1.2854.
Bears' next downside breakout objective is closing prices
below solid technical support at 1.2500. First resistance
is seen at 1.2668 and then at 1.2700. First support is seen
at today’s low of 1.2576 and then at Monday’s low of
1.2556. Wyckoff's Market Rating: 5.5.

The September Swiss franc closed up 99 points at 1.0383
today. Prices closed nearer the session high and hit a
fresh six-week high today. The market saw more short
covering. The bears still have the overall near-term
technical advantage in the Swissy. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 1.0500. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0201. First resistance is seen
at today’s high of 1.0401 and then at 1.0450. First support
is seen at 1.0350 and then at 1.0300. Wyckoff's Market
Rating: 4.0.

The September Australian dollar closed up 22 points at
1.0448 today. Prices closed near mid-range today. Bulls
have the solid overall near-term technical advantage.
Prices are in an 11-week-old uptrend on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at the August
contract high of 1.0578. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0250. First resistance is seen at
1.0500 and then at the contract high of 1.0578. Next
support is seen at last week’s low of 1.0383 and then at
1.0300. Wyckoff's Market Rating: 7.5

The September Canadian dollar closed down 15 points at
1.0098 today. Prices closed near the session low today
after hitting a fresh nearly four-month high early on.
Profit taking was featured. Bulls still have the solid
near-term technical advantage. Prices are in an 11-week-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the April high of 1.0168. The next downside
price breakout objective for the bears is closing prices
below solid technical support at .9950. First resistance is
seen at last week’s high of 1.0135 and then at today’s high
of 1.0155. First support is seen at this week’s low of
1.0093 and then at last week’s low of 1.0052. Wyckoff's
Market Rating: 7.5.

The September British pound closed up 69 points at 1.5777
today. Prices closed nearer the session high today and hit
a fresh three-month high. Bulls have the near-term
technical advantage and gained more upside momentum today.
Prices today saw a bullish upside breakout from a well-
defined trading range. Prices are also in a gentle four-
week-old uptrend on the daily chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at 1.5900. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5550. First resistance is seen at today’s high
of 1.5804 and then at 1.5850. First support is seen at
today’s low of 1.5705 and then at this week’s low of
1.5676. Wyckoff's Market Rating: 6.0.

The September U.S. dollar index closed down 55 points at
81.94 today. Prices closed nearer the session low and it a
fresh seven-week low today. The bulls are fading badly.
Prices are now in a four-week-old downtrend on the daily
bar chart. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at the
August high of 83.61. 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 82.25 and then at today’s high of 82.51. First
support is seen at today’s low of 81.80 and then at 81.50.
Wyckoff's Market Rating: 5.0.

September U.S. T-Bonds closed up 10/32 at 146 10/32 today.
Prices closed nearer the session high today and saw more
short covering. Prices hit a fresh three-month low today
and then did rebound to score a bullish “outside day” up on
the daily bar chart. Prices are in a four-week-old
downtrend on the daily bar chart. Bulls and bears are
presently on a level near-term technical playing field. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at 144
even. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at last
week’s high of 149 9/32. First resistance is seen at
today’s high of 146 15/32 and then at 147 even. First
support is seen at 146 even and then at today’s low of 145
3/32. Wyckoff's Market Rating: 5.0.

September U.S. T Notes closed up 3.0 (32nds) at 132.19.5
today. Prices closed nearer the session high today and saw
short covering. Prices are still in a four-week-old
downtrend on the daily bar chart. Bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at last week’s high of 133.27.5. The
next downside price breakout objective for the bears is
producing a close below solid technical support at
131.16.0. First resistance is seen at today’s high of
132.22.0 and then at 133.00.0. First support is seen at
132.10.0 and then at last week’s low of 132.05.0. Wyckoff's
Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on profit taking from recent gains. Stock
index bulls still have the solid near-term technical
advantage.

The Nasdaq stock futures index closed down 6.00 at
2,774.25. Prices closed nearer the session low today and
scored a mildly bearish “outside day” down on the daily bar
chart after hitting another fresh four-year high early on.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 2,850.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at 2,650.00. First resistance is
seen at today’s high of 2,802.50 and then at 2,825.00.
First support is seen today’s low of 2,761.50 and then at
2,750.00. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed down 2.00 at 1,412.70.
Prices closed nearer the session low today after hitting a
fresh four-year high early on. Prices also scored a mildly
bearish “outside day” down on the daily bar chart today.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1,450.00. The next
downside price breakout objective for the bears is closing
prices below solid support at the August low of 1,350.00.
First resistance is seen at today’s high of 1,424.60 and
then at 1,435.00. First support is seen at today’s low of
1,408.20 and then at 1,400.00. Wyckoff's Market Rating:
7.0.

The Dow futures closed down 30 points at 13,199 today.
Prices closed nearer the session low today after hitting a
fresh four-year high early on. Prices also scored a mildly
bearish “outside day” down on the daily bar chart today.
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 13,255 and then at
13,280. First support is seen at today’s low of 13,165 and
then at 13,125. Wyckoff's Market Rating: 7.0.

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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