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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--Mar 18

Mar 19, 2013

Monday Evening, March 18-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: June live cattle closed up $0.07 at $121.37
today. Prices closed near the session high today on tepid
short covering after hitting a fresh contract low early on.
The "risk-off" day in the market place today helped to
pressure the cattle market—including the bearish outside
market, the stronger U.S. dollar index. Cattle futures
bears have the solid overall near-term technical advantage.
The bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at
$123.60. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $120.00. First resistance is seen at
$122.00 and then at $122.50. First support is seen at
today’s contract low of $121.02 and then at $120.50.
Wyckoff's Market Rating: 1.0

April feeder cattle closed down $0.22 at $139.10 today.
Prices closed near the session low and hit another fresh
contract low today. The feeder bears have the solid 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 $142.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $138.00.
First resistance is seen at today’s high of $140.17 and
then at $141.00. First support is seen at the contract low
of $138.85 and then at $138.00. Wyckoff's Market Rating:
1.0

June lean hogs closed down $0.22 at $89.10 today. Prices
closed near the session low today and closed at a fresh
contact low close. The "risk-off" day in the market place
today helped to pressure the hog market—including the
bearish outside market, the stronger U.S. dollar index.
The hog bears have the solid overall 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 March high of $92.12. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $87.50. First resistance
is seen at $89.80 and then at $90.00. First support is seen
at the contract low of $88.90 and then at $88.50. Wyckoff's
Market Rating: 1.0

*. GRAINS: May corn futures last traded down 3/4 cent at
$7.16 1/4 today in late trading. Prices were nearer the
session high. The "risk-off" day in the market place today
helped to pressure the corn market—including the bearish
outside market, the stronger U.S. dollar index. Corn prices
Friday closed at a fresh five-week high close and closed at
a bullish weekly high close. Corn bulls and bears are on a
level near-term technical playing field. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at $7.25. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at $7.00.
First resistance for May corn is seen at last week’s high
of $7.19 and then at $7.25. First support is seen at
today’s low of $7.10 and then at $7.05. Wyckoff's Market
Rating: 5.0

May soybeans were down 19 3/4 cents at $14.06 1/4 a bushel
in late trading today. Prices were nearer the session low
today and hit a fresh five-week low. The "risk-off" day in
the market place today helped to pressure the soybean
market—including the bearish outside market, the stronger
U.S. dollar index. Soybean bears have gained the overall
near-term technical advantage. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above solid technical resistance
at $14.50 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the February low of $13.93 1/2.
First resistance is seen at $14.15 and then at today’s high
of $14.25 1/4. First support is seen at $14.00 and then at
$13.93 1/2. Wyckoff's Market Rating: 4.0.

May soybean meal was down $6.20 at $412.60 today in late
trading. Prices were near the session low and hit a fresh
five-week low today. The bears have gained the near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $430.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the February low of
$402.10. First resistance comes in at $415.00 and then at
today’s high of $418.80. First support is seen at today’s
low of $412.30 and then at $410.00. Wyckoff's Market
Rating: 4.0

May bean oil was down 27 points at 49.64 cents in late
trading today. Prices were near mid-range. The "risk-off"
day in the market place today helped to pressure the bean
oil market—including the bearish outside market, the
stronger U.S. dollar index. 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 the
March high of 50.78 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at the March low of
48.67 cents. First resistance is seen at today’s high of
49.94 cents and then at 50.00 cents. First support is seen
at today’s low of 49.22 cents and then at last week’s low
of 49.03 cents. Wyckoff's Market Rating: 2.5

May Chicago SRW wheat was down 13 cents at $7.10 in late
trading today. Prices were nearer the session low. The
"risk-off" day in the market place today helped to pressure
the wheat market—including the bearish outside market, the
stronger U.S. dollar index. Wheat bears still have the
overall near-term technical advantage. Wheat bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $7.50 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the March low of $6.81. First
resistance is seen at today’s high of $7.21 1/2 and then at
last week’s high of $7.25 1/2. First support lies at
today’s low of $7.05 1/2 and then at $7.00. Wyckoff's
Market Rating: 2.0.

May HRW wheat was down 9 1/2 cents at $7.42 in late trading
today. Prices were nearer the session low. HRW bears have
the overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the March high
of $7.61 1/4. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at the March low of $7.23. First resistance is seen at
today’s high of $7.51 1/4 and then at $7.61 1/4. First
support is seen at today’s low of $7.38 and then at last
week’s low of $7.29 1/4. Wyckoff's Market Rating: 2.0

May oats were down 6 1/2 cents at $3.95 1/4 in late trading
today. Prices were nearer the session low on profit taking
after hitting a fresh contract high early on today. Oats
bulls still have the solid near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at $3.80.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at today’s
contract high of $4.05. First support lies at today’s low
of $3.93 3/4 and then at $3.90. First resistance is seen at
$3.98 1/2 and then at $4.00. Wyckoff's Market Rating: 7.5

*. SOFTS: May sugar closed down 55 points at 18.35 cents
today. Prices closed nearer the session low today and hit a
fresh two-week low. The market was pressured by the "risk-
off" day in the market place, which included the bearish
outside market, a higher U.S. dollar index. The sugar bulls
had some upside technical momentum as prices Friday hit a
fresh two-month high. However, today’s price action saw the
bulls quickly fade. The sugar bears have the overall near-
term technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of 19.12 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 18.00 cents. First
resistance is seen at 18.50 cents and then at today’s high
of 18.73 cents. First support is seen at today’s low of
18.25 cents and then at 18.12 cents. Wyckoff's Market
Rating: 2.5.

May coffee closed down 325 points at 134.25 cents today.
Prices closed nearer the session low today and hit a fresh
contract low. The coffee market was pressured by the "risk-
off" day in the market place, which included the bearish
outside market, a higher U.S. dollar index. The coffee
bears have the solid overall near-term technical advantage.
A big Brazilian coffee crop is also a bearish fundamental
in the market place at present. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at last week’s high of 144.85 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 130.00
cents a pound. First resistance is seen at today’s high of
137.40 cents and then at 140.00 cents. First support is
seen at today’s contract low of 134.05 cents and then at
132.50 cents. Wyckoff's Market Rating: 1.0.

May cocoa closed down $27 at $2,088 a ton. Prices closed
near mid-range today. The cocoa market was pressured by the
"risk-off" day in the market place, which included the
bearish outside market, a higher U.S. dollar index. The
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 last week’s high of $2,176. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the March
low of $2,034. First resistance is seen at today’s high of
$2,109 and then at $2,125. First support is seen at today’s
low of $2,075 and then at $2,050. Wyckoff's Market Rating:
1.5

May cotton closed down 148 points at 91.02 cents today.
Prices closed near mid-range on profit taking today. Prices
Friday hit a 12-month high. The cotton market was pressured
by the "risk-off" day in the market place, which included
the bearish outside market, a higher U.S. dollar index. The
cotton bulls still have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at Friday’s high of 93.93 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at last week’s low of 85.59 cents. First resistance is seen
at today’s high of 92.50 cents and then at 93.00. First
support is seen at 90.00 cents and then at today’s low of
89.80 cents. Wyckoff's Market Rating: 7.5.

May orange juice closed down 25 points at $1.3895 today.
Prices closed nearer the session high today. Prices are
hovering near a 2.5-month high. The FCOJ bulls have some
upside technical momentum. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at the December contract high of
$1.4415. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.3000. First resistance is seen at last week’s
high of $1.4030 and then at $1.4100. First support is seen
at $1.3750 and then at $1.3500. Wyckoff's Market Rating:
7.0.

May lumber futures closed down the $10.00 limit at $394.40
today. Prices backed off sharply on the "risk-off" trading
day today and on profit taking from recent gains. Bulls
still have the overall near-term technical advantage. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at $385.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at last week’s contract high of
$411.00. First resistance is seen at $398.00 and then at
$400.00. First support is seen at $392.00 and then at
$390.00. Wyckoff's Market Rating: 7.5

*. METALS: April gold futures closed up $11.70 an ounce at
$1,604.30 today. Prices closed nearer the session high and
hit a fresh three-week high today. Gold was supported on
safe-haven buying interest today, amid the flare-up in the
EU debt crisis. The gold bears still have the slight
overall near-term technical advantage. However, the bulls
have gained some fresh upside near-term chart momentum to
begin to suggest that a market low is in place. Bulls are
also working on a fledgling price uptrend on the daily bar
chart. The gold bulls’ next upside near-term price breakout
objective is to produce a close above solid technical
resistance at $1,619.70. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at $1,575.00. First resistance is seen at
today’s high of $1,610.40 and then at $1,619.70. First
support is seen at $1,600.00 and then at today’s low of
$1,589.60. Wyckoff’s Market Rating: 4.5

May silver futures closed up $0.049 an ounce at $28.90
today. Prices closed near mid-range today. Silver bears
have the near-term technical advantage. However, prices
have been trading sideways for the past few weeks as the
bulls try to stabilize the market. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $29.495 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the March low of $27.925. First
resistance is seen at today’s high of $29.11 and then at
last week’s high of $29.35. Next support is seen at today’s
low of $28.585 and then at last week’s low of $28.53.
Wyckoff's Market Rating: 3.5.

May N.Y. copper closed down 915 points at 342.90 cents
today. Prices closed nearer the session low today and hit a
fresh seven-month low. The copper market was pressured by
the "risk-off" day in the market place, which included the
bearish outside market, a higher U.S. dollar index. Copper
bears have the overall near-term technical advantage and
gained fresh downside power today. 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 the August 2012 low
of 332.00 cents. First resistance is seen at 345.00 cents
and then at 347.50 cents. First support is seen at today’s
low of 341.75 cents and then at 340.00 cents. Wyckoff's
Market Rating: 2.5.

*. ENERGIES: April crude oil closed up $0.23 at $93.69
today. Prices closed nearer the session high today and hit
a fresh four-week high. Prices also scored a bullish
"outside day" up on the daily bar chart today. Crude
managed to rally today in the face of a stronger U.S.
dollar index, which is also a bullish clue for crude. Crude
oil bulls and bears are now on a level near-term technical
playing field but the bulls have momentum on their side.
The next near-term upside price breakout objective for the
crude oil bulls is producing a close solid chart resistance
at $95.00 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 the March low of
$89.33. First resistance is seen at today’s high of $93.93
and then at $94.50. First support is seen at $93.00 and
then at $92.50. Wyckoff's Market Rating: 5.0

April heating oil closed down 132 points at $2.9258 today.
Prices closed nearer the session high today and hit a fresh
three-month low. Bears still have the near-term technical
advantage. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at
$3.0000. Bears' next downside price breakout objective is
producing a close below solid technical support at the
December low of $2.8900. First resistance lies at today’s
high of $2.9436 and then at $2.9500. First support is seen
at $2.90 and then at $2.8900. Wyckoff's Market Rating: 3.0.

April (RBOB) unleaded gasoline closed down 304 points at
$3.1334 today. Prices closed near mid-range today. The
gasoline 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 March high of $3.2672. Bears' next
downside price breakout objective is closing prices below
solid support at the March low of $3.0590. First resistance
is seen at today’s high of $3.1600 and then at $3.1870.
First support is seen at last week’s low of $3.0950 and
then at $3.0750. Wyckoff's Market Rating: 5.0.

April natural gas closed down 0.7 cents at $3.866 today.
Prices closed near the session low today on mild profit
taking after hitting a fresh four-month high early on. Cold
weather over much of the U.S. is bullish for nat gas
recently. Nat gas bulls have the near-term technical
advantage. Prices are in a five-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 the November high of $3.997. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$3.59. First resistance is seen at today’s high of $3.965
and then at $3.997. First support is seen at $3.80 and then
at $3.75. Wyckoff's Market Rating: 7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 100 points at 1.2962 today. Prices closed near
mid-range today and hit a fresh 3.5-month low early on. The
Euro bears have the overall near-term technical advantage.
A six-week-old downtrend is in place on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at 1.3143. 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 1.3005 and then at 1.3083. Next support is seen at
today’s low of 1.2892 and then at 1.2850. Wyckoff's Market
Rating: 3.5

The June Japanese yen closed up 3 points at 1.0486 today.
Prices closed near the session low today. Prices are
hovering near the contract low scored last week. Bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.0800. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.0250. First resistance is seen at today’s high
of 1.0611 and then at 1.0650. First support is seen 1.0400
and then at at the contract low of 1.0345. Wyckoff's Market
Rating: 1.5.

The June Swiss franc closed down 59 points at 1.0587 today.
Prices closed near mid-range today. Prices are still in a
six-week-old downtrend on the daily bar chart. The Swissy
bears still have the near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at 1.0700. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
1.0463. First resistance is seen at today’s high of 1.0630
and then at 1.0657. First support is seen at today’s low of
1.0551 and then at 1.0500. Wyckoff's Market Rating: 3.0.

The June Australian dollar closed down 12 points at 1.0321
today. Prices closed nearer the session high today. Bulls
have the near-term technical advantage. Prices are in a
steep three-week-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at 1.0400. The next downside
breakout objective for the bears is to produce a close
below solid technical support at last week’s low of 1.0128.
First resistance is seen at last week’s high of 1.0344 and
then at 1.0377. Next support is seen at today’s low of
1.0273 and then at 1.0250. Wyckoff's Market Rating: 6.5

The June Canadian dollar closed down 21 points at .9767
today. Prices closed nearer the session high today. Bears
still have the overall near-term technical advantage.
However, a bullish "rounding-bottom" reversal pattern has
formed on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9870. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the March low of .9646. First
resistance is seen at today’s high of .9780 and then at
last week’s high of .9802. First support is seen at today’s
low of .9735 and then at last week’s low of .9691.
Wyckoff's Market Rating: 3.0.

The June British pound closed up 16 points at 1.5088 today.
Prices closed near mid-range today on more short covering
in a bear market. Bears still have the overall near-term
technical advantage. Prices are in an 11-week-old downtrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.5250. Bears' next downside
technical breakout objective is closing prices below solid
support at last week’s low of 1.4823. First resistance is
seen at last week’s high of 1.5168 and then at the March
high of 1.5193. First support is seen at 1.5000 and then at
1.4950. Wyckoff's Market Rating: 2.5.

The June U.S. dollar index closed up .429 at 82.895 today.
Prices closed near mid-range today on safe-haven buying
interest. The bulls have the solid near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 84.000. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the March low of 82.070. Next
resistance lies at today’s high of 83.105 and then at last
week’s high of 83.420. First support is seen at today’s low
of 82.625 and then at 82.500. Wyckoff's Market Rating: 6.5.

June U.S. T-Bonds closed up 27/32 at 142 23/32 today.
Prices closed nearer the session low today and were
supported by fresh safe-haven demand amid a flare-up in the
EU debt crisis. Bond market bears still have the overall
near-term technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at the contract low of 140
14/32. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at the
March high of 144 29/32. First resistance is seen at 143
even and then at today’s high of 143 24/32. First support
is seen at today’s low of 142 10/32 and then at 142 even.
Wyckoff's Market Rating: 3.5.

June U.S. T Notes closed up 12.0 (32nds) at 131.08.5 today.
Prices closed nearer the session low today. Bulls have
gained some upside technical momentum on flight-to-quality
buying and are on a level near-term technical playing field
with the bears at present. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the March high of 132.00.5. The next downside
price breakout objective for the bears is producing a close
below solid technical support at the March low of 130.00.0.
First resistance is seen at 131.16.0 and then at today’s
high of 131.21.5. First support is seen at today’s low of
131.03.5 and then at 131.00.0. Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today but well off their early session lows. It was
a "risk-off’ day in the market place today and that
pressured the stock market. There was a new twist to the
European Union sovereign debt crisis during the weekend.
Cyprus officials are considering taxing savings accounts in
their domestic banks as a part of an overall banking
bailout plan tentatively agreed upon with the European
Central Bank and the International Monetary Fund over the
weekend. That prompted fears other financially troubled
nations in the EU could do the same at some point. The
Cyprus parliament was set to vote on the new measures
Monday, but that vote was rescheduled for Tuesday. This has
not only infuriated Cypriots with savings accounts, but
also raised fears of a "run" on those banks in the other
economically troubled EU countries. There were statements
from EU officials that said the Cyprus bailout package was
a "one-off" matter and that the savings tax would not be
implemented in other EU countries. But that did little to
assuage fears among EU citizens with savings deposits at
banks. The Cyprus savings account tax measure was not
discussed with Russia, which has a major loan out to the
island nation in which Cyprus is trying to extend. The
Russians are not at all happy about being left out of the
new bailout plan, with Russian president Putin call it
unfair and dangerous. Cyprus is a favorite location for
Russian millionaires to park their money. European and
Asian stock markets and U.S. stock indexes were hit hard to
the downside on the Cyprus developments. However, the U.S.
stock market did recover from its strong early selling
pressure as the day progressed Monday. Italian and Spanish
bond yields rose Monday, which is a further sign of
increasing stress in the European Union.

The Nasdaq stock futures index closed down 6.25 at 2,784.25
today. Prices closed nearer the session high today after
hitting a fresh three-week low early on. Bulls still have
the overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the March high of 2,815.00. The bears'
next downside price breakout objective is closing prices
below solid technical support at the February low of
2,689.00. First resistance is seen at today’s high of
2,797.00 and then at 2,815.00. First support is seen at
2,770.00 and then at today’s low of 2,749.00. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed down 9.10 at 1,544.50.
Prices closed nearer the session high today after hitting a
fresh two-week low early on. Bulls still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1,575.00. The next downside price breakout
objective for the bears is closing prices below solid
support at the February low of 1,482.00. First resistance
is seen at today’s high of 1,552.10 and then at last week’s
high of 1,558.60. First support is seen at today’s low of
1,529.60 and then at 1,520.00. Wyckoff's Market Rating:
7.5.

The Dow futures closed down 53 points at 14,380 today.
Prices closed near the session low today. The bulls still
have the solid overall near-term technical advantage. The
next upside price objective for the bulls is closing prices
above solid technical resistance at 14,500. The next
downside price objective for the bears is closing prices
below solid technical support at 14,000. First resistance
in the Dow lies at 14,400 and then at 14,450. First support
is seen at today’s low of 14,363 and then at 14,300.
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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