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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--July 2

Jul 03, 2012

Monday Evening, July 2-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: August live cattle closed down $1.17 at
$119.27 today. Prices closed near the session low today and
saw some profit taking and a corrective pullback from
recent solid gains. The key “outside markets” were bearish
for the cattle market today as the U.S. dollar index was
higher and crude oil prices were lower. Bulls do still have
some upside technical momentum following Friday’s bullish
weekly high close. Also, a bullish double-bottom reversal
pattern has developed on the daily bar chart. 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 $120.00 and then at last week’s high
of $120.55. First support is seen at $119.00 and then at
$118.50. Wyckoff's Market Rating: 4.5

August feeder cattle closed down $1.80 at $149.65 today.
Prices closed nearer the session low today. Sharp gains in
corn futures again today and drying pasture lands in cattle
country put downside price pressure on the feeders again
today. 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 $152.50. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at last
week’s low of $146.50. First resistance is seen at $150.00
and then at today’s high of $150.70. First support is seen
at today’s low of $149.45 and then at $149.00. Wyckoff's
Market Rating: 2.5

August lean hogs closed up $0.20 at $94.97 today. Prices
closed near the session low today after hitting a fresh
3.5-month high early on. The key “outside markets” were
bearish for the hog market today as the U.S. dollar index
was higher and crude oil prices were lower. Hog bulls have
gained the near-term technical advantage and still have
good upside technical momentum. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at the April high of
$95.15. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$91.00. First resistance is seen at $95.50 and then at
today’s high of $96.15. First support is seen at $94.50 and
then at $94.00. Wyckoff's Market Rating: 7.0

*. GRAINS: December corn futures closed up 21 1/4 cents at
$6.56 today. Prices closed near mid-range today, hit
another fresh nine-month high and were boosted by the
ongoing weather scare in the U.S. Corn Belt. Gains were
limited by the key “outside markets” being bearish for corn
today as the U.S. dollar index was higher and crude oil
prices were lower. Bulls are still technically strong. More
hot and dry weather is forecast right during the critical
pollination stage of growth for corn. Corn market 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. I
will discuss this further in my bi-weekly newsletter which
I will produce Tuesday. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the contract high of $6.73 1/2. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.20. First resistance for December corn is seen at
today’s high of $6.64 and then at the contract high of
$6.73 1/2. First support is seen at today’s low of $6.44
3/4 and then at $6.40. Wyckoff's Market Rating: 8.5

November soybeans closed up 9 3/4 cents at $14.37 1/2 a
bushel today. Prices closed nearer the session low today
and did hit a fresh contract and four-year high early on.
Bearish “outside markets”—lower crude oil prices and a
higher U.S. dollar index did limit the upside in beans
today. The dry and hot weather in the Corn Belt, and more
in the forecast, is still very bullish for beans. However,
history shows that weather markets run out of steam well
before most traders think they will. Bean bulls still have
the strong overall near-term technical advantage. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above major
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $13.92 3/4. First resistance is seen at
today’s contract high of $14.55 3/4 and then at of $14.75.
First support is seen at today’s low of $14.30 1/2 and then
at $14.22 1/2. Wyckoff's Market Rating: 8.5.

December soybean meal closed up $5.60 at $418.70 today.
Prices closed near mid-range today. Meal bulls still have
the strong overall near-term technical advantage as prices
hover near the contract high and a four-year high. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $425.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$400.00. First resistance comes in at today’s high of
$423.00 and then at the contract high of $424.00. First
support is seen at today’s low of $414.70 and then at
$412.50. Wyckoff's Market Rating: 8.5

December bean oil closed down 13 points at 52.95 cents
today. Prices closed nearer the session low today but did
hit a fresh six-week high early on. The key “outside
markets” were bearish for bean oil today as the U.S. dollar
index was higher and crude oil prices were lower. Bulls
still have the slight 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 55.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 51.00 cents. First
resistance is seen at Friday’s high of 53.26 cents and then
at today’s high of 53.83 cents. First support is seen at
today’s low of 52.64 cents and then at 52.50 cents.
Wyckoff's Market Rating: 5.5

December Chicago SRW wheat closed up 15 cents at $7.91 3/4
today. Prices closed nearer the session high today and hit
a fresh 9.5-month high. The wheat market is following corn
and soybeans and there are also some weather problems in
some worldwide wheat regions. Wheat bulls have the solid
upside near-term technical advantage. However, it’s still
my bias that wheat has become well 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 major psychological
resistance at $8.00 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the May
high of $7.45 1/2. First resistance is seen at today’s high
of $7.94 3/4 and then at $8.00. First support lies at
today’s low of $7.75 1/2 and then at $7.60. Wyckoff's
Market Rating: 8.0.

December K.C. HRW wheat closed up 22 3/4 cents at $8.01 1/4
today. Prices closed near the session high today and hit a
fresh 7.5-month high. Bulls have good 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 solid
technical resistance at $8.50. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the May high of $7.62. First
resistance is seen at today’s high of $8.01 1/2 and then at
the October 2011 high of $8.05 1/2. First support is seen
at today’s low of $7.82 and then at $7.70. Wyckoff's Market
Rating: 8.0

December oats closed up 6 3/4 cents at $3.50 3/4 today.
Prices hit a fresh 8.5-month high today and closed near
mid-range. 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
$3.25. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.75. First support lies at today’s low of $3.45 1/2
and then at $3.40. First resistance is seen at $3.53 and
then at today’s high of $3.57 1/4. Wyckoff's Market Rating:
8.0

*. SOFTS: October sugar closed up 40 points at 21.41 cents
today. Prices closed nearer the session high today and hit
a fresh two-month high. Prices are in a gentle four-week-
old uptrend on the daily bar chart. Bulls have gained some
upside technical momentum recently and are back on a level
technical playing field with the bears. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at today’s high of 22.00 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 20.00
cents. First resistance is seen at today’s high of 21.59
cents and then at 22.00 cents. First support is seen at
today’s low of 21.03 cents and then at Friday’s low of
20.56 cents. Wyckoff's Market Rating: 5.0.

September coffee closed up 395 points at 174.65 cents.
Prices closed near the session high today and hit a fresh
five-week high. The bears still have the slight overall
near-term technical advantage but the bulls have gained
fresh upside momentum 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 185.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
160.00 cents a pound. First resistance is seen at 155.00
cents and then at 176.00 cents. First support is seen at
172.50 cents and then at 170.00 cents. Wyckoff's Market
Rating: 4.5

September cocoa closed down $1 at $2,290 a ton. Prices
closed nearer the session high today and hit a fresh six-
week high. Cocoa bulls and bears are on a level near-term
technical playing field as the bulls have some upside
momentum on their side. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the May high of $2,372.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,150. First resistance is seen at today’s high of $2,311
and then at $2,325. First support is seen at today’s low of
$2,261 and then at $2,250. Wyckoff's Market Rating: 5.0

December cotton closed up 69 points at 72.02 cents today.
Prices closed near the session high today on short covering
in a bear market. The key “outside markets” were bearish
for the cotton market today as the U.S. dollar index was
higher and crude oil prices were lower. The cotton bears
still 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 72.50 cents and then at
73.50 cents. First support is seen at 71.00 cents and then
at today’s low of 69.97 cents. Wyckoff's Market Rating: 3.0

September orange juice closed down 425 points at $1.1750
today. Prices closed nearer the session low after hitting a
fresh seven-week high early on. Price action today took
back most of Friday’s big gains. FCOJ bears have the
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 $1.2500. 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 $1.2000 and
then at $1.2250. First support is seen at today’s low of
$1.1450 and then at $1.1250. Wyckoff's Market Rating: 3.0.

September lumber futures closed down $0.70 at $270.90
today. Prices closed near mid-range. Bears 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 the June
low of $257.40. The next upside price breakout objective
for the bulls is pushing and closing prices above solid
technical resistance at $280.00. First resistance is seen
at today’s high of $272.70 and then at $275.00. First
support is seen at today’s low of $268.00 and then at
$266.00. Wyckoff's Market Rating: 4.0

*. METALS: August gold futures closed down $6.00 an ounce
at $1,598.20 today. Prices closed nearer the session high
today and saw a corrective pullback from strong gains
posted on Friday. The key “outside markets” were also
bearish for gold today as the U.S. dollar index was higher
and crude oil prices were lower. The bulls do still have
some upside momentum on their side but need to show fresh
power soon to keep it. Gold market bulls and bears are on a
level near-term technical playing field. 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
Friday’s high of $1,607.80 and then at $1,616.30. First
support is seen at today’s low of $1,587.40 and then at
$1,580.00. Wyckoff’s Market Rating: 5.0

September silver futures closed down $0.072 an ounce at
$27.54 today. Prices closed near the session high today and
saw a mild corrective pullback from Friday’s big gains. The
key “outside markets” were bearish for silver today as the
U.S. dollar index was higher and crude oil prices were
lower. Silver bears still have the overall near-term
technical advantage. 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 Friday’s high of $27.915 and
then at $28.50. Next support is seen at today’s low of
$27.185 and then at $27.00. Wyckoff's Market Rating: 3.5.

September N.Y. copper closed down 270 points 346.95 cents
today. Prices closed nearer the session low today on a
corrective pullback from Friday’s big gains. The key
“outside markets” were bearish for copper today as the U.S.
dollar index was higher and crude oil prices were lower.
Copper bulls did gain some fresh upside technical momentum
on Friday. 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 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 Friday’s high of 351.50 cents. First support is
seen at today’s low of 345.25 cents and then at 342.50
cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: August crude oil closed down $1.34 a barrel at
$83.62 today. Prices closed near mid-range on a corrective
pullback following big gains scored on Friday. Friday’s
price action is a solid clue that a market low in crude oil
is in place, or at least close at hand. The stronger U.S.
dollar index today also put downside price pressure on
crude oil. The crude bears 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 $87.50 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 last week’s low of $77.28. First
resistance is seen at $84.00 and then at $85.00. First
support is seen at today’s low of $82.10 and then at
$81.00. Wyckoff's Market Rating: 2.5

August heating oil closed down 355 points at $2.6744 today.
Prices closed near mid-range today and saw a corrective
pullback from Friday’s big gains. Bears still have the
overall near-term technical advantage. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $2.7500. 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 Friday’s high of $2.7172 and then at
$2.7441. First support is seen at today’s low of $2.6488
and then at $2.6200. Wyckoff's Market Rating: 2.5.

August (RBOB) unleaded gasoline closed down 98 points at
$2.6220 today. Prices closed nearer the session high today.
Bears still have the overall near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $2.7000.
Bears' next downside price breakout objective is closing
prices below solid support at the June low of $2.4408.
First resistance is seen at Friday’s high of $2.6420 and
then at $2.6525. First support is seen at $2.6000 and then
at today’s low of $2.5700. Wyckoff's Market Rating: 2.5.

August natural gas closed up 0.9 cents at $2.833 today.
Prices closed nearer the session high today and closed at a
fresh six-week high close. Bulls have regained some 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 $2.855 and then
at the May high of $2.881. First support is seen at today’s
low of $2.742 and then at $2.70. Wyckoff's Market Rating:
6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 72 points at 1.2596 today. Prices
closed nearer the session low today on a corrective
pullback from Friday’s big gains. The Euro bears still have
the overall near-term technical advantage. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the June high of
1.2759. 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
1.2650 and then at today’s high of 1.2682. Next support is
seen at today’s low of 1.2578 and then at 1.2500. Wyckoff's
Market Rating: 3.5

The September Japanese yen closed up 55 points at 1.2590
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 1.2624 and then at last week’s high of
1.2653. First support is seen at today’s low of 1.2516 and
then at 1.2500. Wyckoff's Market Rating: 5.0.

The September Swiss franc closed down 61 points at 1.0500
today. Prices closed nearer the session low today. 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
1.0684. 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 1.0550
and then at today’s high of 1.0566. First support is seen
at today’s low of 1.0482 and then at 1.0450. Wyckoff's
Market Rating: 3.0.

The September Australian dollar closed up 14 points at
1.0183 today. Prices closed nearer the session high today
and hit a fresh two-month high. Bulls have regained 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 1.0207 and then
at 1.0250. Next support is seen at today’s low of 1.0141
and then at 1.0100. Wyckoff's Market Rating: 6.0

The September Canadian dollar closed up 2 points at .9818
today. Prices closed nearer the session high today and hit
a fresh six-week high. Bulls and bears are now back on a
level near-term technical playing field. 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 .9829 and then at
.9850. First support is seen at today’s low of .9786 and
then at .9750. Wyckoff's Market Rating: 5.0.

The September British pound closed up 19 points at 1.5696
today. Prices closed nearer the session high today and saw
short covering. Bulls and bears are now back on a level
near-term technical playing field. 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 today’s high of 1.5720
and then at 1.5772. First support is seen at today’s low of
1.5638 and then at 1.5600. Wyckoff's Market Rating: 5.0.

The September U.S. dollar index closed up 23 points at
81.99 today. Prices closed nearer the session high today on
a corrective bounce from strong losses suffered on Friday.
Greenback bulls are fading and need to show fresh power
soon. Bulls do still have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at last
week’s high of 83.07. 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 82.09 and then at 82.50. First
support is seen at last week’s low of 81.75 and then at
81.50. Wyckoff's Market Rating: 6.0.

September U.S. T-Bonds closed up 1 16/32 at 149 15/32
today. Prices closed nearer the session high on safe-haven
buying following a weak U.S. manufacturing report and some
other weak economic data coming out of the EU and China.
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 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 150 2/32 and then at
150 10/32. First support is seen at 149 even and then at
148 16/32. Wyckoff's Market Rating: 7.5.

September U.S. T Notes closed up 18.5 (32nds) at 133.30.5
today. Prices closed nearer the session high and hit a
fresh four-week high today. 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
134.07.5 and then at 134.09.0. First support is seen at
133.16.0 and then at today’s low of 133.09.5. Wyckoff's
Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today in quieter, pre-holiday trading and on
a pause following strong gains posted on Friday. The stock
index bulls on Friday did regain fresh upside near-term
technical momentum. Monday saw some fresh, dour world
economic news. There was another weak manufacturing report
coming out of China, which showed the worst reading for
that report since November. Also, reports overnight showed
manufacturing activity in the European Union was weak, with
EU unemployment also reported at a record high rate of 11%.
Then the latest U.S. ISM manufacturing survey came in
weaker than expected, to put mild pressure on the raw
commodity markets Monday. Traders are now awaiting Friday
morning’s U.S. jobs report for June. That report is
expected to show the key non-farm payrolls component rising
by 90,000 jobs during June. It’s likely to be a quieter
trading week this week, as the U.S. Independence Day
holiday falls on Wednesday, with many traders likely opting
to take the entire week off.

The Nasdaq stock futures index closed up 4.50 at 2,614.25.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 2,650.00. 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 the June high of 2,628.25 and then at 2,650.00.
First support is seen at today’s low of 2,599.50 and then
at 2,575.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 1.20 at 1,357.60.
Prices closed near mid-range today and hit a fresh seven-
week high. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1,375.00. 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 1,362.30 and
then at 1,375.00. First support is seen at today’s low of
1,349.70 and then at 1,341.00. Wyckoff's Market Rating:
6.0.

The Dow futures closed down 32 points at 12,776 today.
Prices closed near mid-range today. 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 last week’s high of 12,830 and then at 12,900.
First support is seen at today’s low of 12,730 and then at
12,700. 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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