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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--June 20

Jun 21, 2012

Wednesday Evening, June 20-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 $0.40 at
$117.10 today. The market was pressured by sagging cash
market fundamentals this week. The key “outside markets”
were bearish for cattle today as the U.S. dollar index was
near steady (but up from lower levels early today) and
crude oil prices were solidly lower. Traders are awaiting
Friday afternoon’s USDA cattle on feed report. Serious
near-term chart damage has been inflicted recently as the
bears have the overall near-term technical advantage. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $120.00.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at the April low of $114.70. First resistance is
seen at $117.50 and then at this week’s high of $118.25.
First support is seen at this week’s low of $116.75 and
then at last week’s low of $116.40. Wyckoff's Market
Rating: 2.5

August feeder cattle closed down $0.85 at $152.75 today.
Prices closed near the session low today and hit another
fresh seven-week low. The big gains in corn recently have
pressured the feeders. Serious near-term chart damage has
occurred in feeders recently. A bearish double-top reversal
pattern has formed on the daily bar chart. Bears have 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 $155.50.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
$150.50. First resistance is seen at $153.00 and then at
$153.50. First support is seen at today’s low of $152.70
and then at $152.00. Wyckoff's Market Rating: 3.0

August lean hogs closed down $0.62 at $92.15 today. Prices
closed nearer the session low on more profit-taking after
prices hit a nine-week high on Monday. The key “outside
markets” were bearish for hogs today as the U.S. dollar
index was near steady (but up from lower levels early
today) and crude oil prices were solidly lower. Hog market
bulls still have the 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
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
$93.00 and then at today’s high of $93.25. First support is
seen at today’s low of $91.90 and then at $91.50. Wyckoff's
Market Rating: 6.0

*. GRAINS: July corn futures closed down 1 cent at $6.11
1/2 today. Prices closed near mid-range today. The key
“outside markets” were bearish for corn today as the U.S.
dollar index was near steady (but up from lower levels
early today) and crude oil prices were solidly lower.
Importantly, a potentially serious weather market is
developing in the U.S. Corn Belt, amid hot, dry weather
recently. Weather in the Corn Belt the next several weeks
will trump the technicals. Corn market bulls and bears are
on a level near-term technical playing field. Corn bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $6.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $5.75 1/2. First resistance for July corn is
seen at this week’s high of $6.17 and then at $6.20. First
support is seen at today’s low of $6.05 and then at $6.00.
Wyckoff's Market Rating: 5.0

July soybeans closed up 8 3/4 cents at $14.42 1/2 a bushel
today. Prices closed nearer the session high today and
closed at a fresh five-week high close. The recent dry and
hot weather in the Corn Belt is bullish for beans as a
serious weather market could be developing. Bean bulls have
the overall near-term technical advantage. If the weather
remains hot and dry in the Corn Belt, soybeans will
continue to react strongly to the upside. 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 $13.70 3/4. First resistance is seen at this
week’s high of $14.51 1/2 and then at $14.65. First support
is seen at $14.25 and then at $14.15. Wyckoff's Market
Rating: 7.0.

July soybean meal closed down $0.40 at $427.50 today.
Prices closed near mid-range today. Meal bulls 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 contract high
of $439.90. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at this week’s low of $409.30. First
resistance comes in at $430.00 and then at this week’s high
of $432.90. First support is seen at $425.00 and then at
today’s low of $421.90. Wyckoff's Market Rating: 8.0

July bean oil closed up 18 points at 50.62 cents today.
Prices closed near mid-range today and hit a fresh five-
week high on short covering. Bean oil bears still have the
overall near-term technical advantage. However, the bulls
have gained fresh upside technical momentum as a bullish
upside “breakout” from the trading range may be occurring.
The next upside price breakout objective for the bean oil
bulls is pushing and closing prices above solid technical
resistance at 51.28 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at the June low of
47.76 cents. First resistance is seen at 51.28 cents and
then at 51.50 cents. First support is seen at 50.00 cents
and then at 49.75 cents. Wyckoff's Market Rating: 3.5

July Chicago SRW wheat closed up 14 cents at $6.63 1/2
today. Prices closed nearer the session high again today
and hit a fresh four-week high on more short covering.
Wheat bulls are gaining upside near-term technical momentum
as prices have seen an upside breakout from a trading
range. Bulls and bears are now on a level near-term
technical playing field. Wheat is following corn and
soybeans and if corn and soybeans continue to rally on a
weather market bull run, wheat will follow. Wheat bulls’
next upside breakout objective is to push and close Chicago
SRW prices above solid technical resistance at $6.80 a
bushel. The next downside price breakout objective for the
wheat futures bears is pushing and closing prices below
solid technical support at $6.25. First resistance is seen
at today’s high of $6.65 1/4 and then at $6.70. First
support lies at $6.55 1/2 and then at $6.50. Wyckoff's
Market Rating: 5.0.

July K.C. HRW wheat closed up 16 1/2 cents at $6.86 1/2
today. Prices closed near the session high today and hit a
fresh four-week high on more short covering. Bulls and
bears are now on a level near-term technical playing field.
Bulls' next upside price breakout objective is pushing and
closing prices above major psychological resistance at
$7.00. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$6.50. First resistance is seen at today’s high of $6.87
and then at $6.95. First support is seen at $6.75 and then
at $6.70. Wyckoff's Market Rating: 5.0

July oats closed up 1/2 cent at $3.25 today. Prices closed
near mid-range today. Bulls have gained upside technical
momentum as a four-week-old uptrend line is in place on the
daily bar chart. Bears' next downside price breakout
objective is pushing and closing prices below major
psychological support at $3.00. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at the May high of $3.50. First
support lies at $3.20 and then at $3.16. First resistance
is seen at $3.30 and then at this week’s high of $3.32.
Wyckoff's Market Rating: 6.0

*. SOFTS: July sugar closed up 5 points at 21.62 cents
today. Prices closed nearer the session high today and hit
a fresh two-month high. The recent big gains have given the
sugar bulls good upside near-term technical momentum.
Prices are in a three-week-old uptrend on the daily bar
chart. Bulls' next upside price breakout objective is to
push and close prices above solid technical resistance at
22.50 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
21.80 cents and then at 22.00 cents. First support is seen
at today’s low of 21.18 cents and then at 21.00 cents.
Wyckoff's Market Rating: 5.0.

July coffee closed down 600 points at 150.60 cents. Prices
closed near the session low and gave back most of Tuesday’s
big gains. The key “outside markets” were bearish for
coffee today as the U.S. dollar index was near steady (but
up from lower levels early today) and crude oil prices were
solidly lower. Coffee prices are still in an 8.5-month-old
downtrend on the daily bar chart. The bears still have the
overall near-term technical advantage. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at 160.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 145.00 cents a
pound. First resistance is seen at 152.50 cents and then at
155.00 cents. First support is seen at this week’s low of
148.20 cents and then at 147.50 cents. Wyckoff's Market
Rating: 1.0

July cocoa closed down $50 at $2,180 a ton. Prices closed
nearer the session low today. The key “outside markets”
were bearish for cocoa today as the U.S. dollar index was
near steady (but up from lower levels early today) and
crude oil prices were solidly lower. Cocoa bears 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 June
high of $2,282. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at the June low of $2,026. First
resistance is seen at $2200 and then at today’s high of
$2,228. First support is seen at today’s low of $2,156 and
then at $2,133. Wyckoff's Market Rating: 2.5

July cotton closed down 481 points at 83.17 cents today.
Prices hit a fresh six-week high again today and then
reversed course to close sharply lower and scored a big and
bearish “outside day” down on the daily bar chart. The
recent advance in cotton was a classic “short squeeze” in
the market, whereby the sellers (shorts) were trapped in a
futures market with declining open interest. The key
“outside markets” were bearish for cotton today as the U.S.
dollar index was near steady (but up from lower levels
early today) and crude oil prices were solidly lower. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at today’s
high of 89.48 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at 80.00 cents. First
resistance is seen at 84.00 cents and then at 85.00 cents.
First support is seen at 82.00 cents and then at 81.00
cents. Wyckoff's Market Rating: 5.0

July orange juice closed up 355 points at $1.2330 today.
Prices closed near the session high today and saw more
short covering and speculative buying ahead of ideas a
hurricane or tropical storm could strike southeastern U.S.
citrus groves. FCOJ bears still have the overall near-term
technical advantage but the bulls are gaining upside
momentum to suggest a market low is 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 $1.0710. First resistance is
seen at today’s high of $1.2365 and then at $1.2500. First
support is seen at $1.2250 and then at $1.2000. Wyckoff's
Market Rating: 3.5.

July lumber futures closed up $1.00 at $274.10 today.
Prices closed nearer the session high on tepid short
covering. Bears 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 the April low of $262.50. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $278.00. First resistance is seen at today’s high of
$275.00 and then at $276.00. First support is seen at
today’s low of $271.00 and then at $270.00. Wyckoff's
Market Rating: 3.5

*. METALS: August gold futures closed down $7.00 an ounce
at $1,616.00 today in volatile trading. Prices closed
nearer the session high and moved well up from the daily
low of $1,590.50 following the FOMC statement. After an
initial bearish reaction to the FOMC statement, traders
digested the wording and reckoned the Fed has indeed laid
the groundwork for more aggressive easing of monetary
policy in the near future. The key “outside markets” were
bearish for gold today as the U.S. dollar index was near
steady (but up from lower levels early today) and crude oil
prices were solidly lower. Gold market bulls and bears are
now back 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 $1,580.00. First resistance is seen at today’s
high of $1,623.60 and then at last week’s high of
$1,635.40. First support is seen at $1,600.00 and then at
today’s low of $1,590.50. Wyckoff’s Market Rating: 5.0

July silver futures closed down $0.113 an ounce at $28.275
today. Prices closed nearer the session high today but did
hit a fresh three-week low early on. The key “outside
markets” were bearish for silver today as the U.S. dollar
index was near steady (but up from lower levels early
today) and crude oil prices were solidly lower. Trading has
turned choppy and sideways. Bears still have the overall
near-term technical advantage. Bulls’ next upside price
breakout objective is closing prices above major
psychological resistance at $30.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the June low of
$27.17. First resistance is seen at today’s high of $28.595
and then at last week’s high of $29.095. Next support is
seen at $28.00 and then at today’s low of $27.63. Wyckoff's
Market Rating: 4.0.

July N.Y. copper closed down 460 points 338.70 cents today.
Prices closed near mid-range today. The key “outside
markets” were bearish for copper today as the U.S. dollar
index was near steady (but up from lower levels early
today) and crude oil prices were solidly lower. Copper
bears have the overall near-term technical advantage.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 350.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
330.00 cents. First resistance is seen at 340.00 cents and
then at today’s high of 343.30 cents. First support is seen
at today’s low of 335.65 cents and then at 332.00 cents.
Wyckoff's Market Rating: 3.5.

*. ENERGIES: August crude oil closed down $3.18 a barrel at
$81.16 today. Prices closed near the session low today and
hit a fresh 8.5-month low. A bearish weekly DOE report, a
firmer U.S. dollar index and a downbeat assessment of the
U.S. economy by the Federal Reserve combined to sink the
crude oil market today. The crude bears have the solid
overall near-term technical advantage and gained fresh
downside momentum today. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at $88.00 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 $80.00. First resistance is seen at
$82.00 and then at $82.50. First support is seen at today’s
low of $81.11 and then at $80.00. Wyckoff's Market Rating:
1.5

August heating oil closed down 506 points at $2.5836 today.
Prices closed near the session low today and closed at a
fresh 1.5-year low close. Bears have the solid overall
near-term technical advantage and gained more momentum
today as prices are in a 2.5-month-old downtrend on the
daily bar chart. 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 $2.5000. First resistance lies at $2.6000 and
then at $2.6250. First support is seen at the June low of
$2.5724 and then at $2.5500. Wyckoff's Market Rating: 1.0.

August (RBOB) unleaded gasoline closed down 649 points at
$2.5056 today. Prices closed near the session low and hit a
fresh 8.5-month low today. Bears have the solid near-term
technical advantage and gained more power today. A three-
month-old downtrend is in place on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the June
high of $2.6859. Bears' next downside price breakout
objective is closing prices below solid support at $2.4500.
First resistance is seen at $2.5250 and then at $2.5500.
First support is seen at $2.5000 and then at $2.4750.
Wyckoff's Market Rating: 1.0.

August natural gas closed down 1.5 cents at $2.559 today.
Prices closed nearer the session low today after hitting a
fresh four-week high early on. Bulls have gained upside
near-term technical momentum recently to suggest a market
low is in place. 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
technical resistance at the May high of $2.838. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.35. First
resistance is seen at today’s high of $2.709 and then at
$2.75. First support is seen at today’s low of $2.538 and
then at $2.489. Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 22 points at 1.2677 today. Prices
closed nearer the session low today. The Euro bears still
have the overall near-term technical advantage. However,
prices have been trending higher for three weeks. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at 1.2838.
The next downside price breakout objective for the bears is
closing prices below solid chart support at 1.2450. First
resistance for the Euro lies at this week’s high of 1.2759
and then at 1.2800. Next support is seen at today’s low of
1.2646 and then at 1.2600. Wyckoff's Market Rating: 3.5

The September Japanese yen closed down 68 points at 1.2599
today. Prices closed nearer the session low again today.
Bulls still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid resistance at last week’s high of
1.2737. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2435. First
resistance is seen at 1.2650 and then at 1.2700. First
support is seen at the June low of 1.2547 and then at
1.2500. Wyckoff's Market Rating: 5.5.

The September Swiss franc closed down 22 points at 1.0569
today. Prices closed nearer the session low today. The
bears have the overall near-term technical advantage in the
Swissy. However, a 3.5-month-old downtrend on the daily
chart has been negated and prices have been trending higher
for three weeks. 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 this
week’s high of 1.0638 and then at 1.0684. First support is
seen at today’s low of 1.0545 and then at 1.0500. Wyckoff's
Market Rating: 3.5.

The September Australian dollar closed down 26 points at
1.0083 today. Prices closed near mid-range today and did
hit another fresh six-week high early on. Bulls have gained
upside technical momentum recently and have the slight
overall 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 .9750. First
resistance is seen at today’s high of 1.0142 and then at
1.0200. Next support is seen at 1.0023 and then at this
week’s low of .9973. Wyckoff's Market Rating: 5.5

The September Canadian dollar closed down 28 points at
.9777 today. Prices closed nearer the session low today and
did hit a fresh four-week high early on. Bears still have
the slight overall near-term technical advantage. However,
prices have been trending higher for nearly three weeks.
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 the June low of .9554.
First resistance is seen at today’s high of .9824 and then
at .9850. First support is seen at .9744 and then at this
week’s low of .9710. Wyckoff's Market Rating: 4.0.

The September British pound closed down 52 points at 1.5676
today. Prices closed nearer the session low today and did
hit a fresh four-week high early on. Bulls and bears are on
a level near-term technical playing field. Prices have been
trending higher for nearly three weeks. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at 1.5800. Bears' next
downside technical breakout objective is closing prices
below solid support at 1.5450. First resistance is seen at
today’s high of 1.5773 and then at 1.5825. First support is
seen at this week’s low of 1.5610 and then at 1.5593.
Wyckoff's Market Rating: 5.0.

The September U.S. dollar index closed up 22 points at
81.81 today. Prices closed nearer the session high today
and saw support on some fresh safe-haven demand after the
FOMC’s downbeat assessment of the U.S. economy. Bulls have
the overall near-term technical advantage but are fading as
prices have been trending lower for nearly three weeks.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the June high of
84.00. The next downside price breakout objective for the
bears is to produce a close below solid technical support
at 81.00. Next resistance lies at 82.00 and then at this
week’s high of 82.36. First support is seen at this week’s
low of 81.39 and then at 81.00. Wyckoff's Market Rating:
6.0.

September U.S. T-Bonds closed down 11/32 at 148 21/32
today. Prices closed near mid-range today and saw more
profit taking. Bulls still have the solid overall near-term
technical advantage. Prices are still in a three-month-old
uptrend on the daily bar chart. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 146 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the contract high of
152 19/32. First resistance is seen at today’s high of 149
10/32 and then at 150 even. First support is seen at 148
even and then at today’s low of 147 21/32. Wyckoff's Market
Rating: 7.0.

September U.S. T Notes closed down 10.0 (32nds) at 133.05.5
today. Prices closed near mid-range today on more profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a three-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
133.19.0 and then at this week’s high of 133.31.5. First
support is seen at today’s low of 132.27.0 and then at the
June low of 132.18.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
slightly higher today as traders digested the latest FOMC
results. The U.S. Federal Reserve’s Federal Open Market
Committee meeting Wednesday afternoon announced it has
decided to extend the “Twist” program of accommodative
monetary policy through the end of this year. The move was
not a surprise but the market place was volatile in the
aftermath of the midday FOMC statement. The afternoon press
conference from Fed chief Bernanke produced no major
surprises. After traders had a chance to digest the FOMC
statement, most reckoned the Fed is laying the groundwork
for a more aggressive easing of monetary policy in the near
future, if need be the case. Those notions did work to lift
the indexes off their daily lows.

The Nasdaq stock futures index closed up 6.00 at 2,618.50.
Prices again closed nearer the session high today and hit
another fresh five-week high. 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 the June low of 2,433.75. First resistance is seen at
today’s high of 2,628.25 and then at 2,650.00. First
support is seen at today’s low of 2,597.50 and then at
Tuesday’s low of 2,585.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 0.20 at 1,350.80.
Prices closed nearer the session high today. 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 the June low of 1,262.30. First resistance
is seen at this week’s high of 1,356.80 and then at
1,370.00. First support is seen at today’s low of 1,339.70
and then at this week’s low of 1,327.50. Wyckoff's Market
Rating: 6.0.

The Dow futures closed up 1 point at 12,763 today. Prices
closed nearer the session high 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 12,800 and then at this week’s high of 12,830.
First support is seen at 12,700 and then at today’s low of
12,665. 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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