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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 26

Jan 27, 2012

Thursday Evening, January 26-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 $1.12 at
$128.05 today. Prices closed nearer the session low today
and saw more profit-taking after hitting a 10-week high on
Tuesday. Traders were also evening positions ahead of
Friday afternoon’s USDA cattle inventory report. There are
still bullish cash cattle market fundamentals supporting
futures prices. Cattle futures bulls still have the solid
overall near-term technical advantage. Prices are in a 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 $128.50 and then at today’s high of
$128.95. First support is seen at today’s low of $127.70
and then at $127.17. Wyckoff's Market Rating: 7.0

March feeder cattle closed down $1.37 at $153.62 today.
Prices closed near the session low today and saw profit
taking after hitting a contract high Wednesday. Feeder
bulls still 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 $154.00 and then at today’s high of
$154.45. First support is seen at $153.50 and then at
$153.00. Wyckoff's Market Rating: 8.0

April lean hogs closed down $1.42 at $86.80 today. Prices
closed nearer the session low today, hit a fresh two-week
low and scored a big and bearish “outside day” down on the
daily bar chart. Hog bears have the overall near-term
technical advantage and gained fresh downside momentum
today. 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 $87.00 and then at
$87.50. First support is seen at today’s low of $86.45 and
then at $86.00. Wyckoff's Market Rating: 2.0

*. GRAINS: March corn futures closed up 1 cent at $6.35 1/2
today. Prices closed nearer the session low today after
hitting a fresh two-week high early on. More short covering
and bargain hunting were seen. The low-range close today
does suggest the bulls are a bit exhausted after the recent
strong rebound. The key “outside markets” were bullish for
the corn market today, as the U.S. dollar index was lower
and crude oil prices were higher. Corn bears still have the
slight overall near-term technical advantage. 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 $6.40 and then
at today’s high of $6.45 3/4. First support is seen at
today’s low of $6.33 1/4 and then at $6.30. Wyckoff's
Market Rating: 4.5

March soybeans closed up 9 cents at $12.22 1/2 a bushel
today. Prices closed near mid-range today and closed at a
fresh two-week high close. The key “outside markets” were
bullish for beans today, as the U.S. dollar index was
weaker and crude oil prices were higher. 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 today’s high of
$12.31 and then at $12.37. First support is seen at today’s
low of $12.13 1/4 and then at $12.00. Wyckoff's Market
Rating: 5.0.

March soybean meal closed up $1.50 at $322.60 today. Prices
closed near mid-range today. 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 today’s
low of $320.50 and then at $318.20. Wyckoff's Market
Rating: 5.5

March bean oil closed up 49 points at 51.88 cents today.
Prices closed nearer the session high today. The key
“outside markets” were bullish for the bean oil market
today as the U.S. dollar index was lower and crude oil
prices were higher. Bean oil bears still have the slight
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 today’s high of 52.00 cents and then at 52.25
cents. First support is seen at 51.50 cents and then at
today’s low of 51.26 cents. Wyckoff's Market Rating: 4.0

March Chicago SRW wheat closed up 12 1/4 cents at $6.53 1/2
today. Prices closed nearer the session high today and hit
another fresh three-week high. The key “outside markets”
were bullish for the wheat market today, as the U.S. dollar
index was weaker and crude oil prices were higher. More
short covering and 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. Bulls' next upside price breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at the January high of $6.70 3/4
a bushel. The next downside price breakout objective for
the wheat futures bears is pushing and closing prices below
solid technical support at this week’s low of $6.13 1/2.
First resistance is seen at today’s high of $6.58 1/4 and
then at $6.70 3/4. First support lies at today’s low of
$6.39 3/4 and then at $6.29 1/2. Wyckoff's Market Rating:
4.5.

March K.C. HRW wheat closed up 12 cents at $7.09 today.
Prices closed nearer the session high again today and saw
more short covering and bargain hunting. Bears still have
the slight 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 solid technical 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 this week’s low of $6.67 3/4. First resistance is seen
at today’s high of $7.10 and then at $7.15. First support
is seen at today’s low of $7.02 1/2 and then at $6.95.
Wyckoff's Market Rating: 4.5

March oats closed up 2 1/2 cents at $3.00 3/4 today. Prices
closed near mid-range today, hit a fresh three-week high
and saw more 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 $2.97 1/4 and then at $2.95. First
resistance is seen at $3.03 and then at today’s high of
$3.06 1/2. Wyckoff's Market Rating: 3.5

*. SOFTS: March sugar closed up 21 points at 24.72 cents
today. Prices closed near mid-range today. The key “outside
markets” were bullish for sugar today, as the U.S. dollar
index was lower and crude oil prices were higher. Bulls and
bears are 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 24.51 cents and
then at this week’s low of 24.39 cents. Wyckoff's Market
Rating: 5.0

March coffee closed up 300 points at 220.20 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. The key “outside markets” were bullish
for coffee today, as the U.S. dollar index was lower and
crude oil prices were higher. Coffee bears still 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 today’s
high of 221.50 cents and then at 223.00 cents. First
support is seen at 216.60 cents and then at 215.00 cents.
Wyckoff's Market Rating: 2.5

March cocoa closed up $28 at $2,450 a ton. Prices closed
near mid-range today and hit another fresh two-month high.
The key “outside markets” were bullish for the cocoa market
today, as the U.S. dollar index was weaker 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 $2,474
and then at $2,500. First support is seen at today’s low of
$2,427 and then at $2,400. Wyckoff's Market Rating: 6.0.

March cotton closed down 107 points at 95.85 cents today.
Prices closed nearer the session low. Bulls are fading and
need to show fresh power soon. Cotton bulls still have the
slight overall near-term technical advantage. Prices are in
a six-week-old uptrend on the daily bar chart, but now just
barely. 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 this week’s low of 94.59 cents and then at 94.00
cents. First resistance is seen at today’s high of 97.41
cents and then at 98.05 cents. Wyckoff's Market Rating: 5.5

March orange juice closed up 265 points at $2.1380 today.
Prices closed near mid-range today and scored a bullish
“outside day” up on the daily bar chart. 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 $2.2115 and then at the record high
scored Monday, at $2.2695. First support is seen at $2.1000
and then at $2.0775. Wyckoff's Market Rating: 8.5.

March lumber futures closed up $2.20 at $240.90 today.
Prices closed near mid-range today and saw more 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 $242.50 and then at $245.00. First
support is seen at today’s low of $240.00 and then at
$237.50. Wyckoff's Market Rating: 1.5

*. METALS: February gold futures closed up $25.60 an ounce
at $1,725.70 today. Prices closed nearer the session high
again today and hit a fresh seven-week high. The bulls
produced important follow-through buying strength today,
following big gains Wednesday, to gain even more technical
power. The key “outside markets” were also bullish for gold
today, as the U.S. dollar index was lower while crude oil
prices were higher. Gold bulls have the solid overall near-
term technical advantage. A four-week-old uptrend is 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 this week’s low of $1,649.20.
First resistance is seen at today’s high of $1,731.50 and
then at $1,740.00. First support is seen at $1,713.20 and
then at $1,700.00. Wyckoff's Market Rating: 7.5.

March silver futures closed up $0.469 an ounce at $33.56
today. Prices closed nearer the session high today and hit
a fresh nine-week high. The key “outside markets” were
bullish for silver today, as crude oil prices were higher
and the U.S. dollar index was lower. Silver bulls have the
overall near-term technical advantage and have gained fresh
upside momentum. 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 October high of $35.68 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $31.00. First
resistance is seen at today’s high of $33.79 and then at
$34.00. Next support is seen at $33.00 and then at $32.50.
Wyckoff's Market Rating: 7.0.

March N.Y. copper closed up 585 points 388.80 cents today.
Prices closed nearer the session high and hit another fresh
four-month high today. The key “outside markets” were
bullish for copper today, as crude oil was higher and the
U.S. dollar index was lower. 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 367.50 cents. First
resistance is seen at today’s high of 391.05 cents and then
at 392.50 cents. First support is seen at 387.50 cents and
then at 385.00 cents. Wyckoff's Market Rating: 7.5.

*. ENERGIES: March crude oil closed up $0.37 a barrel at
$99.77 today. Prices closed nearer the session low today
and were mildly supported by a weaker U.S. dollar index
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 $100.00 and then at
today’s high of $101.39 and then at $102.00. First support
is seen at $99.00 and then at $98.00. Wyckoff's Market
Rating: 6.5.

March heating oil closed up 365 points at $3.0469 today.
Prices closed nearer the session high today. Bulls 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 $3.0580 and then at
$3.0750. First support is seen at today’s low of $3.0232
and then at $3.0000. Wyckoff's Market Rating: 6.5.

March (RBOB) unleaded gasoline closed up 140 points at
$2.8514 today. Prices closed near mid-range today and hit a
fresh 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 $2.8700 and then at $2.9000. First support
is seen at today’s low of $2.8360 and then at $2.8000.
Wyckoff's Market Rating: 7.0.

March natural gas closed down 12.2 cents at $2.647 today.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart. The
bulls were gaining some upside technical momentum but saw a
setback today. Bears have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above major psychological
resistance at $3.00. 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 $2.838 and then
at $2.90. First support is seen at today’s low of $2.588
and then at $2.50. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 17 points at 1.3104 today. Prices closed nearer
the session low today after hitting a fresh five-week high
early on. 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 1.3186 and then at 1.3250.
Next support is seen at 1.3000 and then at 1.2933.
Wyckoff's Market Rating: 3.0

The March Japanese yen closed up 49 points at 1.2909 today.
Prices closed near mid-range today and saw short covering
from recent selling pressure. Bears still have some
downside near-term technical momentum. Bears have the
slight 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 this week’s low of 1.2779. First
resistance is seen at today’s high of 1.2945 and then at
1.3000. First support is seen at today’s low of 1.2856 and
then at 1.2833. Wyckoff's Market Rating: 4.5.

The March Swiss franc closed up 24 points at 1.0866 today.
Prices closed nearer the session low today after hitting a
fresh six-week high early on. 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 1.0927 and then at
1.1000. First support is seen at 1.0800 and then at 1.0746.
Wyckoff's Market Rating: 3.5.

The March Australian dollar closed up 22 points at 1.0552
today. Prices closed nearer the session low today after
hitting a fresh six-month high early on. 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 July 2011 high of 1.0696. 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 today’s high of 1.0628 and then
at 1.0696. Next support is seen at 1.0500 and then at
1.0400. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed up 33 points at .9969
today. Prices closed near mid-range today and hit a fresh
three-month high. Bulls have the near-term technical
advantage and are gaining upside momentum. 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 .9800.
First resistance is seen at today’s high of 1.0007 and then
at 1.0075. First support is seen at today’s low of .9939
and then at .9908. Wyckoff's Market Rating: 6.5.

The March British pound closed up 43 points at 1.5682
today. Prices closed near mid-range today and hit a fresh
five-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 December
high of 1.5761. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5400.
First resistance is seen at today’s high of 1.5730 and then
at 1.5761. First support is seen at today’s low of 1.5644
and then at 1.5600. Wyckoff's Market Rating: 3.5.

The March U.S. dollar index closed down 17 points at 79.54
today. Prices closed nearer the session high and hit a
fresh six-week low 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 78.00. Next resistance lies at 80.00
and then at 80.25. First support is seen at today’s low of
79.19 and then at 79.00. Wyckoff's Market Rating: 6.0.

March U.S. T-Bonds closed up 31/32 at 142 24/32 today.
Prices closed nearer the session high today. The bonds are
seeing a boost from a “dovish” FOMC statement Wednesday
that proclaimed to keep interest rates very low for quite
some time. The bond market bulls have the overall near-term
technical advantage and have regained upside momentum. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at this
week’s low of 140 21/32. 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 today’s high of 142 31/32 and then at this week’s high
of 143 16/32. First support is seen at 142 even and then at
today’s low of 141 23/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed up 20.0 (32nds) at 131.12.5
today. Prices closed nearer the session high today and were
boosted by the bullish FOMC statement Wednesday. Bulls have
the overall near-term technical advantage and have regained
upside momentum. 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 this week’s low of 129.26.0.
First resistance is seen at today’s high of 131.16.5 and
then at 131.23.5. First support is seen at 131.00.0 and
then at today’s low of 130.26.0. Wyckoff's Market Rating:
8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today and saw profit-taking pressure. The stock
index bulls still have good upside near-term technical
momentum on their side.

The Nasdaq stock futures index closed down 7.50 at
2,453.00. Prices closed near mid-range and hit another
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
2,476.00 and then at 2,485.00. First support is seen at
today’s low of 2,440.75 and then at this week’s low of
2,419.59. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed down 5.20 points at
1,315.00. Prices closed nearer the session low today and
hit a fresh six-month high early on. 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 1,329.50 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 down 8 points at 12,680 today.
Prices closed nearer the session low today and hit a fresh
nine-month high early on. 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 12,780
and then at 12,827. First support is seen at today’s low of
12,644 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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