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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--January 25

Jan 26, 2012

Wednesday Evening, January 25-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: April live cattle closed down $0.02 at
$129.15 today. Prices closed nearer the session high today
and saw mild profit-taking after hitting a 10-week high on
Tuesday. Bullish cash cattle market fundamentals are still
supporting futures prices. Cattle futures bulls have the
solid near-term technical advantage. Prices are in a steep
six-week-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 the contract
high of $129.70. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at this week’s low of $127.17.
First resistance is seen at this week’s high of $129.45 and
then at $129.70. First support is seen at today’s low of
$128.62 and then at $128.00. Wyckoff's Market Rating: 7.5

March feeder cattle closed up $0.12 at $155.00 today.
Prices closed near the session low today and hit another
fresh contract high. Feeder bulls have the solid near-term
technical advantage and there are still no early technical
clues that a market top is close at hand. The next upside
price objective for the feeder bulls is to push and close
prices above technical resistance at $157.50. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $152.50.
First resistance is seen at today’s contract high of
$155.15 and then at $155.50. First support is seen at
$154.40 and then at $154.00. Wyckoff's Market Rating: 8.5

April lean hogs closed up $0.40 at $88.25 today. Prices
closed nearer the session high today. The key “outside
markets” turned mildly bullish for the hog market at midday
today, as the U.S. dollar index sunk and crude oil prices
firmed. While hog bears still have the slight overall near-
term technical advantage, a bullish double-bottom reversal
pattern has formed on the daily bar chart. The next upside
price breakout objective for the bulls is to push and close
prices above solid chart resistance at this week’s high of
$89.22. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
the December low of $85.50. First resistance is seen at
$88.50 and then at $89.00. First support is seen at today’s
low of $87.92 and then at this week’s low of $87.55.
Wyckoff's Market Rating: 3.0

*. GRAINS: March corn futures closed up 5 1/2 cents at
$6.35 3/4 today. Prices closed nearer the session high
today and hit a fresh two-week high on more short covering
and bargain hunting. The key “outside markets” turned
mildly bullish for the corn market at midday today, as the
U.S. dollar index sunk and crude oil prices firmed. South
American corn-growing regions still need rain and that’s a
bullish fundamental for corn, as are firming cash basis
levels in the U.S. Corn bears still have the slight overall
near-term technical advantage, but the bulls are gaining
upside technical momentum. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at $6.50. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $6.00. First
resistance for March corn is seen at today’s high of $6.37
3/4 and then at $6.40. First support is seen at $6.30 and
then at today’s low of $6.25 1/2. Wyckoff's Market Rating:
4.5

March soybeans closed down 6 1/2 cents at $12.13 1/2 a
bushel today. Prices closed nearer the session low today on
a corrective pullback and profit taking from recent gains.
Losses were limited by the key “outside markets” turning
mildly bullish at midday today, as the U.S. dollar index
sunk and crude oil prices firmed. Also, the South American
soybean region weather is still bullish, as rain is needed
in soybean regions. Soybean bulls and bears are on a level
near-term technical playing field. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing prices above solid technical
resistance at the January high of $12.44 3/4 a bushel. The
next downside price breakout objective for the bears is
pushing and closing prices below technical support at
$11.75. First resistance is seen at this week’s high of
$12.29 1/2 and then at $12.37. First support is seen at
today’s low of $12.08 1/2 and then at $12.00. Wyckoff's
Market Rating: 5.0.

March soybean meal closed down $2.80 at $320.70 today.
Prices closed nearer the session low today and saw some
profit taking. Prices Tuesday hit a 2.5-month high. Bulls
have the slight near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the October
high of $335.10. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at the October low of $307.00. First
resistance comes in at $325.00 and then at this week’s high
of $327.30. First support is seen at $318.20 and then at
this week’s low of $314.70. Wyckoff's Market Rating: 5.5

March bean oil closed down 4 points at 51.31 cents today.
Prices closed near mid-range today. The key “outside
markets” turned mildly bullish for the bean oil market at
midday today, as the U.S. dollar index sunk and crude oil
prices firmed. That did limit selling pressure in bean oil.
Bean oil bears have the overall near-term technical
advantage. The next upside price breakout objective for the
bean oil bulls is pushing and closing prices above solid
technical resistance at 52.55 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 50.00
cents. First resistance is seen at this week’s high of
51.59 cents and then at 52.00 cents. First support is seen
at 51.00 cents and then at this week’s low of 50.55 cents.
Wyckoff's Market Rating: 3.0

March Chicago SRW wheat closed up 8 1/4 cents at $6.41 3/4
today. Prices closed near mid-range today and hit a fresh
three-week high. The key “outside markets” turned mildly
bullish for the wheat market at midday today, as the U.S.
dollar index sunk and crude oil prices firmed. More short
covering and some fresh bargain-hunting buying interest
were seen in wheat today. Wheat bears still have the
overall near-term technical advantage, but the bulls are
gaining upside momentum. Wheat will remain a follower of
corn and beans for at least the near term. Bulls' next
upside price breakout objective is to push and close
Chicago SRW prices above solid technical resistance at the
January high of $6.63 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the
January low of $5.90. First resistance is seen at $6.50 and
then at the December high of $6.56. First support lies at
today’s low of $6.29 1/2 and then at $6.25. Wyckoff's
Market Rating: 4.0.

March K.C. HRW wheat closed up 10 cents at $6.96 today.
Prices closed nearer the session high today and saw more
short covering and bargain hunting. Bears still have the
overall near-term technical advantage but the bulls have
gained fresh upside momentum recently. Bulls' next upside
price breakout objective is pushing and closing prices
above major psychological resistance at the January high of
$7.31 1/2. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
last week’s low of $6.51. First resistance is seen at
today’s high of $7.01 and then at $7.15. First support is
seen at today’s low of $6.85 3/4 and then at $6.80.
Wyckoff's Market Rating: 4.0

March oats closed up 4 cents at $2.98 1/2 today. Prices
closed nearer the session high today and saw short covering
in a bear market. Oats bears still have the overall near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at the contract low of $2.78 1/2.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $3.10.
First support lies at today’s low of $2.94 3/4 and then at
this week’s low of $2.92. First resistance is seen at
today’s high of $3.00 and then at this week’s high of $3.01
3/4. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed down 38 points at 24.51 cents
today. Prices closed nearer the session low today and saw
some profit taking and a corrective pullback from recent
gains. Bulls and bears are back on a level near-term
technical playing field. Sugar bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 25.50 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at last week’s low of 23.52 cents.
First resistance is seen at 25.00 cents and then at this
week’s high of 25.21 cents. First support is seen at
today’s low of 24.39 cents and then at 24.0 cents.
Wyckoff's Market Rating: 5.0

March coffee closed down 280 points at 217.65 cents. Prices
closed nearer the session low today and scored a mildly
bearish “outside day” down on the daily bar chart. Coffee
bears have the solid overall near-term technical advantage.
The coffee bulls' next upside breakout objective is to
close prices above solid technical resistance at 230.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the January low of 216.60 cents a pound. First resistance
is seen at 220.00 cents and then at today’s high of 221.90
cents. First support is seen at 216.60 cents and then at
215.00 cents. Wyckoff's Market Rating: 2.0

March cocoa closed up $26 at $2,439 a ton. Prices closed
nearer the session high today and hit another fresh two-
month high. The key “outside markets” turned mildly bullish
for the cocoa market at midday today, as the U.S. dollar
index sunk and crude oil prices firmed. Cocoa bulls have
the overall near-term technical advantage. A bullish
double-bottom reversal pattern has formed on the daily bar
chart. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at $2,500. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,230. First
resistance is seen at today’s high of $2,456 and then at
$2,475. First support is seen at $2,400 and then at today’s
low of $2,389. Wyckoff's Market Rating: 6.0.

March cotton closed down 126 points at 96.92 cents today.
Prices closed nearer the session high. The key “outside
markets” turned mildly bullish for the cotton market at
midday today, as the U.S. dollar index sunk and crude oil
prices firmed. That did allow cotton prices to recover some
early losses. Cotton bulls have the overall near-term
technical advantage. Prices are in a six-week-old uptrend
on the daily bar chart. The next upside price objective for
the bulls is to produce a close above major psychological
resistance at 100.00 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at 93.22 cents.
First support is seen at 96.00 cents and then at 95.00
cents. First resistance is seen at 98.00 cents and then at
last week’s high of 99.47 cents. Wyckoff's Market Rating:
6.0

March orange juice closed down 700 points at $2.1100 today.
Prices closed nearer the session low today and saw more
profit taking from gains that saw prices hit a fresh
contract and all-time record high on Monday. There are
still worries about imports of FCOJ from Brazil (due to
fungicide contamination) and recent cold weather in Florida
citrus regions are very bullish for FCOJ futures. There has
also been an orange disease discovered in Texas. Price
action in FCOJ recently has been extremely volatile. Look
for the higher volatility to continue in the near term. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above psychological resistance
at $2.500. The next downside technical breakout objective
for the FCOJ bears is to produce a close below
psychological support at $2.0000. First resistance is seen
at today’s high of $2.1695 and then at $2.2000. First
support is seen at today’s low of $2.0820 and then at
$2.0775. Wyckoff's Market Rating: 8.0.

March lumber futures closed up $3.40 at $238.70 today.
Prices closed near mid-range today and saw short covering
in a bear market. Prices Tuesday hit a fresh contract low.
The lumber bears still have the solid overall near-term
technical advantage. Prices are in a steep three-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
$230.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $245.00. First resistance is seen at today’s
high of $241.00 and then at $242.50. First support is seen
at today’s low of $236.50 and then at the contract low of
$234.80. Wyckoff's Market Rating: 1.5

*. METALS: February gold futures closed up $36.00 an ounce
at $1,700.10 today. Prices closed near the session high
today, hit a fresh six-week high and scored a big and
bullish “outside day” up on the daily bar chart, whereby
the high was higher and low was lower than the previous
session’s trading range, with a higher close. The bulls
gained fresh, solid upside technical momentum today. The
gold market rebounded from lower levels in the wake of a
“dovish” FOMC statement from the Federal Reserve that sunk
the U.S. dollar index and rallied crude oil prices. Gold
bulls have the solid overall near-term technical advantage.
A four-week-old uptrend is still in place on the daily bar
chart. Bulls' next upside technical breakout objective is
to produce a close above solid technical resistance at the
December high of $1,767.10. Bears' next near-term downside
price objective is closing prices below chart support at
$1,640.00. First resistance is seen at $1,720.00 and then
at $1,725.00. First support is seen at $1,685.00 and then
at $1,675.00. Wyckoff's Market Rating: 7.0.

March silver futures closed up $1.18 an ounce at $33.155
today. Prices closed near the session high today, hit a
fresh six-week high and scored a bullish “outside day” up
on the daily bar chart. The key “outside markets” turned
bullish for silver at midday today, as crude oil prices
firmed and the U.S. dollar index sunk. Silver bulls have
the overall near-term technical advantage and gained fresh
upside momentum today. A four-week-old uptrend is in place
on the daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at the December high of $33.74 an ounce. The
next downside price breakout objective for the bears is
closing prices below major psychological support at $30.00.
First resistance is seen at today’s high of $33.32 and then
at $33.74. Next support is seen at $32.50 and then at
$32.00. Wyckoff's Market Rating: 6.5.

March N.Y. copper closed up 350 points 384.25 cents today.
Prices closed near the session high and hit a fresh four-
month high today. The key “outside markets” turned bullish
for copper at midday today, as crude oil rallied and the
U.S. dollar index sunk. Copper bulls have the solid 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
major psychological resistance at 400.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
359.40 cents. First resistance is seen at today’s high of
385.05 cents and then at 387.50 cents. First support is
seen at 382.50 cents and then at 380.00 cents. Wyckoff's
Market Rating: 7.0.

*. ENERGIES: March crude oil closed up $0.71 a barrel at
$99.66 today. Prices closed nearer the session high today
and were supported by a weaker U.S. dollar index and higher
U.S. stock indexes today. Crude oil bulls have the overall
near-term technical advantage. However, the going does get
tough for the bulls once prices move above the key $100.00
level. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at the January high of $103.90 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 $95.00. First resistance
is seen at today’s high of $100.40 and then at $101.00.
First support is seen at $99.00 and then at $98.00.
Wyckoff's Market Rating: 6.5.

March heating oil closed up 34 points at $3.0185 today.
Prices closed near mid-range today. Bulls still have the
overall near-term technical advantage. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at the January high of $3.1286.
Bears' next downside price breakout objective is producing
a close below solid technical support at $2.9500. First
resistance lies at today’s high of $3.0400 and then at
$3.0500. First support is seen at $3.0000 and then at last
week’s low of $2.9815. Wyckoff's Market Rating: 6.5.

March (RBOB) unleaded gasoline closed up 307 points at
$2.8412 today. Prices closed nearer the session high today
and hit a fresh nearly six-month high. Bulls have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the August high of
$2.9525. Bears' next downside price breakout objective is
closing prices below solid support at $2.7225. First
resistance is seen at today’s high of $2.8638 and then at
$2.9000. First support is seen at $2.8000 and then at this
week’s low of $2.7693. Wyckoff's Market Rating: 7.0.

March natural gas closed up 17.8 cents at $2.779 today.
Prices closed nearer the session high today on more short
covering. The bulls are gaining upside technical momentum
this week to suggest a market low is in place. Bears still
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above major psychological resistance at $3.0. The
next downside price breakout objective for the bears is
closing prices below solid technical support at this week’s
contract low of $2.289. First resistance is seen at today’s
high of $2.814 and then at $2.90. First support is seen at
today’s low of $2.615 and then at $2.50. Wyckoff's Market
Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 55 points at 1.3080 today. Prices closed nearer
the session high today, hit a fresh four-week high and
scored a bullish “outside day” up on the daily bar chart.
Bears still have the overall near-term technical advantage,
but the bulls have gained upside near-term momentum
recently. Euro bulls' next upside price breakout objective
is pushing and closing prices above solid technical
resistance at 1.3250. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2800. First resistance for the Euro lies at
today’s high of 1.3108 and then at 1.3200. Next support is
seen at 1.3000 and then at today’s low of 1.2933. Wyckoff's
Market Rating: 3.0

The March Japanese yen closed down 15 points at 1.2856
today. Prices hit a fresh five-week low today and closed
nearer the session high. Bears have gained fresh downside
near-term technical momentum this week. Bears have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at this week’s high of 1.3016. Bears' next
downside breakout objective is closing prices below solid
technical support at today’s low of 1.2779. First
resistance is seen at today’s high of 1.2899 and then at
1.2940. First support is seen at 1.2833 and then at 1.2800.
Wyckoff's Market Rating: 4.0.

The March Swiss franc closed up 61 points at 1.0838 today.
Prices closed nearer the session high today, hit a fresh
six-week high and scored a bullish “outside day” up on the
daily bar chart. While bears still have the overall near-
term technical advantage the bulls have gained fresh upside
technical momentum recently. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1000. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the January low of 1.0431. First
resistance is seen at today’s high of 1.0864 and then at
1.0900. First support is seen at 1.0800 and then at 1.0746.
Wyckoff's Market Rating: 3.5.

The March Australian dollar closed up 105 points at 1.0526
today. Prices closed near the session high and hit a fresh
11-week high today. Bulls have the solid near-term
technical advantage. Prices are in a two-month-old uptrend
on the daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the October high of 1.0569. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0200. First resistance is seen at
1.0569 and then at 1.0600. Next support is seen at 1.0550
and then at 1.0400. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed up 43 points at .9932
today. Prices closed nearer the session high, hit a fresh
11-week high and scored a bullish “outside day” up today.
Bulls have the near-term technical advantage. A six-week-
old uptrend line is in place on the daily bar chart. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the October high of 1.0075. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9750.
First resistance is seen at today’s high of .9942 and then
at 1.0000. First support is seen at .9900 and then at
today’s low of .9842. Wyckoff's Market Rating: 6.5.

The March British pound closed up 42 points at 1.5639
today. Prices closed near the session high today, hit a
fresh three-week high and saw more short covering. While
bears still have the overall near-term technical advantage,
the bulls have gained some upside momentum recently. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
January high of 1.5663. Bears' next downside technical
breakout objective is closing prices below solid support at
1.5400. First resistance is seen at 1.5663 and then at
1.5700. First support is seen at 1.5571 and then at this
week’s low of 1.5510. Wyckoff's Market Rating: 3.0.

The March U.S. dollar index closed down 31 points at 79.71
today. Prices again closed near the session low, hit a
fresh four-week low and scored a bearish “outside day” down
on the daily bar chart today. Bulls still have the overall
near-term technical advantage but are fading badly and need
to show fresh power soon. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 81.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 79.55. Next resistance lies at 80.00
and then at 80.25. First support is seen at 79.55 and then
at 79.00. Wyckoff's Market Rating: 6.5.

March U.S. T-Bonds closed up 28/32 at 142 1/32 today.
Prices closed near mid-range today. The bonds got a boost
from a “dovish” FOMC statement today that proclaimed to
keep interest rates very low. The bond market bulls have
the overall near-term technical advantage and regained some
upside momentum today. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at the December low of 139 24/32.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at 144
even. First resistance is seen at 143 even and then at
today’s high of 143 16/32. First support is seen at 141
10/32 and then at 141 even. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed up 25.5 (32nds) at 130.28.5
today. Prices closed nearer the session high today and were
boosted by the bullish FOMC statement. Bulls have the
overall near-term technical advantage and regained upside
momentum today. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
the January high of 131.23.5. The next downside price
breakout objective for the bears is producing a close below
solid technical support at 129.25.0. First resistance is
seen at 131.00.0 and then at today’s high of 131.12.5.
First support is seen at 130.16.0 and then at 130.00.0.
Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today and were boosted by the FOMC statement
suggesting the Fed will continue its very accommodative
monetary policy for quite some time to come. The stock
index bulls have good upside near-term technical momentum
on their side.

The Nasdaq stock futures index closed up 23.00 at 2,460.50.
Prices closed nearer the session high and hit a fresh 11-
year high today. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,500.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,348.50. First resistance is seen at today’s high of
2,469.00 and then at 2,480.00. First support is seen at
2,450.00 and then at today’s low of 2,436.75. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 8.90 points at
1,320.30. Prices closed nearer the session high today and
hit a fresh nearly six-month high. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the July high of 1,354.50. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,250.00. First resistance is seen at
today’s high of 1,324.50 and then at 1,340.00. First
support is seen at 1,300.00 and then at 1,286.70. Wyckoff's
Market Rating: 7.5.

The Dow futures closed up 62 points at 12,688 today. Prices
closed nearer the session high today and hit a fresh nine-
month high. The next upside price objective for the bulls
is closing prices above solid technical resistance at the
May 2011 high of 12,827. The next downside price objective
for the bears is closing prices below solid technical
support at the January low of 12,250. First resistance in
the Dow lies at today’s high of 12,720 and then at 12,750.
First support is seen at 12,650 and then at 12,600.
Wyckoff's Market Rating: 7.5.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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