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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Mar 20

Mar 21, 2013

Wednesday Evening, March 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: June live cattle closed up $0.92 at $121.90
today. Prices closed near the session high today on more
short covering after hitting a fresh contract low on
Tuesday. The key "outside markets" were in a bullish
posture for the cattle market today as the U.S. dollar
index was lower and crude oil prices were firmer. 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 $121.00 and then at the contract low of $120.20.
Wyckoff's Market Rating: 2.0

May feeder cattle closed down $0.57 at $139.82 today.
Prices closed nearer the session high 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 Tuesday’s high of $140.75 and
then at this week’s high of $141.40. First support is seen
at today’s contract low of $139.12 and then at $138.50.
Wyckoff's Market Rating: 1.0

June lean hogs closed up $0.32 at $88.60 today. Prices
closed near the session high today and hit a fresh contact
low early on. The key "outside markets" were in a bullish
posture for the hog market today as the U.S. dollar index
was lower and crude oil prices were firmer. 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
$91.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$87.50. First resistance is seen at this week’s high of
$89.20 and then at $89.80. First support is seen at $88.00
and then at the contract low of $87.25. Wyckoff's Market
Rating: 1.5

*. GRAINS: May corn futures last traded up 2 1/4 cents at
$7.30 3/4 today in late trading. Prices were nearer the
session high and hit a fresh six-week high today. The key
"outside markets" were in a bullish posture for the corn
market today as the U.S. dollar index was lower and crude
oil prices were firmer. Corn bulls have gained the slight
near-term technical advantage. Corn bulls' next upside
price objective is to push and close prices above solid
technical resistance at the February high of $7.47 1/2. 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 today’s
high of $7.31 3/4 and then at $7.35. First support is seen
at today’s low of $7.24 1/2 and then at $7.20. Wyckoff's
Market Rating: 5.5

May soybeans were up 9 3/4 cents at $14.16 1/2 a bushel in
late trading today. Prices were nearer the session high and
saw short covering. Prices Tuesday hit a five-week low. The
key "outside markets" were in a bullish posture for the
soybean market today as the U.S. dollar index was lower and
crude oil prices were firmer. Soybean bears still have the
slight 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
this week’s high of $14.25 1/4 and then at $14.35. First
support is seen at this week’s low of $14.03 and then at
$14.00. Wyckoff's Market Rating: 4.5.

May soybean meal was up $1.00 at $412.60 today in late
trading. Prices were nearer the session low and hit a fresh
five-week low today. The bears 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 $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 today’s high of
$415.40 and then at this week’s high of $418.80. First
support is seen at today’s low of $410.70 and then at
$408.00. Wyckoff's Market Rating: 4.5

May bean oil was up 41 points at 49.89 cents in late
trading today. Prices were nearer the session high. The key
"outside markets" were in a bullish posture for the bean
oil market today as the U.S. dollar index was lower and
crude oil prices were firmer. Bean oil bears still 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
50.10 cents and then at 50.50 cents. First support is seen
at today’s low of 49.47 cents and then at this week’s low
of 49.22 cents. Wyckoff's Market Rating: 3.0

May Chicago SRW wheat was up 14 cents at $7.36 in late
trading today. Prices were nearer the session high and hit
a fresh four-week high today. The key "outside markets"
were in a bullish posture for the wheat market today as the
U.S. dollar index was lower and crude oil prices were
firmer. While the wheat bears still have the overall near-
term technical advantage, the bulls have gained decent
upside near-term momentum just recently. Good gains the
rest of this week would suggest that a market low is in
place. 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 $7.00.
First resistance is seen at today’s high of $7.36 3/4 and
then at $7.50. First support lies at $7.25 and then at
$7.15. Wyckoff's Market Rating: 3.0.

May HRW wheat was up 13 1/4 cents at $7.65 in late trading
today. Prices were nearer the session high and hit a fresh
four-week high today. HRW bears have the overall near-term
technical advantage. However, the bulls are gaining some
decent upside near-term technical momentum. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $8.00. 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
$7.67 3/4 and then at $7.75. First support is seen at
today’s low of $7.50 1/2 and then at $7.42 1/2. Wyckoff's
Market Rating: 3.0

May oats were up 3 1/4 cents at $3.99 1/4 in late trading
today. Prices were near the session high. Oats bulls 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 the contract
high of $4.05. First support lies at today’s low of $3.95
and then at this week’s low of $3.92 1/4. First resistance
is seen at $4.00 and then at $4.04. Wyckoff's Market
Rating: 7.5

*. SOFTS: May sugar closed up 3 points at 18.35 cents
today. Prices closed nearer the session low again today in
quieter trading. The key "outside markets" were in a
bullish posture for sugar today as the U.S. dollar index
was lower and crude oil prices were firmer. Yet, sugar
could not get much upside traction, and that’s another
bearish clue. The sugar bears have the solid 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 this week’s
high of 18.73 cents. First support is seen at this week’s
low of 18.25 cents and then at 18.12 cents. Wyckoff's
Market Rating: 2.5.

May coffee closed down 40 points at 132.70 cents today.
Prices closed nearer the session low today and hit another
fresh contract low. 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 134.25 cents and then
at Tuesday’s high of 135.45 cents. First support is seen at
today’s contract low of 132.05 cents and then at 131.00
cents. Wyckoff's Market Rating: 1.0.

May cocoa closed up $52 at $2,095 a ton. Prices closed near
the session high today. Short covering in a bear market was
featured. The key "outside markets" were in a bullish
posture for cocoa today as the U.S. dollar index was lower
and crude oil prices were firmer. The cocoa bears still
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 $2,157
and then at $2,176. First support is seen at $2,100 and
then at this week’s low of $2,075. Wyckoff's Market Rating:
2.5

May cotton closed down 191 points at 89.22 cents today.
Prices closed nearer the session low today on heavy profit
taking. The cotton bulls still have the overall near-term
technical advantage, but do not want to see good follow-
through selling pressure on Thursday that would deflate the
bulls. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at last week’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
90.00 cents and then at 90.50. First support is seen at
today’s low of 88.17 cents and then at 87.50 cents.
Wyckoff's Market Rating: 7.0.

May orange juice closed down 505 points at $1.3460 today.
Prices closed nearer the session low today and hit a fresh
two-week low on heavy profit taking. Prices also scored a
bearish "outside day" down on the daily bar chart today.
The FCOJ bulls still have the overall near-term technical
advantage. Prices are in a two-month-old uptrend on the
daily bar chart. The next upside price breakout objective
for the FCOJ bulls is pushing and closing prices above
technical resistance at the Mach high of $1.4030. 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 $1.3600 and then at
$1.3750. First support is seen at today’s low of $1.3305
and then at $1.3200. Wyckoff's Market Rating: 6.0.

May lumber futures closed up $1.80 at $387.80 today. Prices
closed nearer the session low today. Prices this week have
backed off on the "risk-off" trading attitudes 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
the February low of $372.50. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $400.00. First resistance is
seen at $390.00 and then at today’s high of $391.20. First
support is seen at today’s low of $384.40 and then at
$382.50. Wyckoff's Market Rating: 6.5

*. METALS: April gold futures closed down $5.90 an ounce at
$1,605.30 today. Prices closed nearer the session low and
saw some profit taking today. The gold bears have the
slight overall near-term technical advantage. However, the
bulls have gained a bit of upside near-term chart momentum
to begin to suggest that a market low is in place. But the
bulls need to show fresh power soon to keep that slight
momentum. 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 this week’s high of $1,615.00 and then at
$1,619.70. First support is seen at $1,600.00 and then at
this week’s low of $1,589.60. Wyckoff’s Market Rating: 4.5

May silver futures closed down $0.048 an ounce at $28.795
today. Prices closed nearer the session high today. Not
much new in this market. 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. This sideways trading could be early
"basing" action that can put in market lows and occurs just
before an uptrend begins. 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 this week’s high of $29.11 and then
at last week’s high of $29.35. Next support is seen at
today’s low of $28.40 and then at the March low of $28.315.
Wyckoff's Market Rating: 3.5.

May N.Y. copper closed up 415 points at 344.75 cents today.
Prices closed nearer the session high today and saw short
covering in a bear market. The key "outside markets" were
bullish for the copper market today as the U.S. dollar
index was lower and crude oil prices were higher. Copper
bears still have the overall near-term technical advantage.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at this
week’s high of 351.00 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 today’s high of 345.35
cents and then at 347.25 cents. First support is seen at
342.50 cents and then at 340.00 cents. Wyckoff's Market
Rating: 3.0.

*. ENERGIES: May crude oil closed up $0.97 at $93.49 today.
Prices closed nearer the session high today. Crude was
supported by a weaker U.S. dollar index today. Crude oil
bulls have the slight near-term technical advantage. The
next near-term upside price breakout objective for the
crude oil bulls is producing a close solid chart resistance
at $96.00 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
$89.78. First resistance is seen at this week’s high of
$94.47 and then at $95.00. First support is seen at $93.00
and then at this week’s low of $92.14. Wyckoff's Market
Rating: 5.5

May heating oil closed up 306 points at $2.9990 today.
Prices closed near the session high today and saw short
covering. Prices Tuesday hit a 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 the March high of $3.1026.
Bears' next downside price breakout objective is producing
a close below solid technical support at the November low
of $2.9183. First resistance lies at $3.000 and then at
this week’s high of $3.0360. First support is seen at this
week’s low of $2.9551 and then at $2.9250. Wyckoff's Market
Rating: 4.0.

May (RBOB) unleaded gasoline closed up 632 points at
$3.1035 today. Prices closed near the session high today
after hitting a fresh seven-week low early on. 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 $3.2445. Bears' next downside price
breakout objective is closing prices below solid support at
$3.0000. First resistance is seen at this week’s high of
$3.1438 and then at $3.1750. First support is seen at
$3.0750 and then at $3.0500. Wyckoff's Market Rating: 5.0.

May natural gas closed down 2.5 cents at $3.97 today.
Prices closed nearer the session high today and saw mild
profit taking. Prices Monday hit a four-month high. 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 $4.015. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.72. First
resistance is seen at $4.015 and then at $4.05. First
support is seen at today’s low of $3.913 and then at $3.85.
Wyckoff's Market Rating: 7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 79 points at 1.2962 today. Prices closed nearer
the session high today and saw short covering. Prices
Tuesday hit a fresh four-month low. 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 this week’s high of 1.3005
and then at 1.3083. Next support is seen at today’s low of
1.2866 and then at 1.2800. Wyckoff's Market Rating: 3.5

The June Japanese yen closed down 103 points at 1.0421
today. Prices closed near the session low today. Prices are
hovering near the contract low. 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
1.0552 and then at this week’s high of 1.0611. First
support is seen at the contract low of 1.0345 and then at
1.0300. Wyckoff's Market Rating: 1.0.

The June Swiss franc closed up 53 points at 1.0615 today.
Prices closed nearer the session high 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
1.0638 and then at last week’s high of 1.0673. First
support is seen at this week’s low of 1.0547 and then at
1.0500. Wyckoff's Market Rating: 3.5.

The June Australian dollar closed up 18 points at 1.0315
today. Prices closed near mid-range today. Bulls have the
near-term technical advantage. Prices are in a three-week-
old uptrend on the daily bar chart. The recent "pause" in
price action is not bearish. 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 this week’s low of 1.0273 and then at
1.0250. Wyckoff's Market Rating: 6.5

The June Canadian dollar closed up 28 points at .9741
today. Prices closed nearer the session high today. Bears
still have the overall near-term technical advantage.
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 this week’s high of .9780 and
then at last week’s high of .9802. First support is seen at
this week’s low of .9704 and then at last week’s low of
.9691. Wyckoff's Market Rating: 3.0.

The June British pound closed up 11 points at 1.5106 today.
Prices closed near mid-range today on more short covering
in a bear market. Prices did hit a two-week high early on.
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 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 today’s high of 1.5180
and then at the March high of 1.5193. First support is seen
at today’s low of 1.5019 and then at 1.4950. Wyckoff's
Market Rating: 2.5.

The June U.S. dollar index closed down .276 at 82.935
today. Prices closed near mid-range today and saw profit
taking from recent gains that saw pries Tuesday hit a 7.5-
month high. The bulls still have the near-term technical
advantage. Prices are in a seven-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 83.245 and then at last
week’s high of 83.420. First support is seen at this week’s
low of 82.625 and then at 82.500. Wyckoff's Market Rating:
6.5.

June U.S. T-Bonds closed down 22/32 at 142 29/32 today.
Prices closed nearer the session low today. Trading has
turned choppy this week. Bond market bears 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 143 16/32. First support is seen at this
week’s low of 142 10/32 and then at 142 even. Wyckoff's
Market Rating: 3.0.

June U.S. T Notes closed down 9.0 (32nds) at 131.09.0
today. Prices closed nearer the session low today. Trading
has turned choppy this week. 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 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 131.24.0. First support is seen
at this week’s low of 131.02.5 and then at 131.00.0.
Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. It was a "risk-on" day in the market place
today, amid some recent upbeat U.S. economic news and a
stock-market-friendly FOMC meeting result today. The
Federal Open Market Committee announced Wednesday afternoon
it has left its monetary policy unchanged, which was not
unexpected. The vote was 11 to 1 to keep the money policy
course steady. The Fed said it is aware of the costs of a
very easy U.S. money policy and that it will be keeping a
very close eye on U.S. economic growth progress. Reading
between the lines, it appears the Fed, while keeping its
monetary policy very accommodative, is beginning to lay the
ground work—ever so slowly—that its money-printing presses
cannot roll on forever, especially as the U.S. economy is
picking up a slight head of steam. Fed Chairman Ben
Bernanke held a press conference following the meeting’s
conclusion Wednesday afternoon. He said nothing market-
sensitive. Better U.S. economic data released recently has
the commodity market bulls worried the Fed could start to
tap the brakes on its very accommodative monetary policies
of the past few years. The controversial European
Union/International Monetary Fund bailout package for
Cyprus unveiled over the weekend that included taxing
savings accounts in domestic banks is still on the front
burner of the market place at mid-week. However, from a
markets perspective the situation has de-escalated since
Monday morning.  The Cypriot finance minister reportedly
had "constructive" talks with his Russian counterpart on
Wednesday. Late Tuesday the Cyprus parliament voted down
the EU/IMF bailout measure that included the controversial
savings account tax. The market place was also somewhat
assuaged by the European Central Bank announcing late
Tuesday that it would provide liquidity, "within the
rules," to the Cyprus financial system. Still, Cyprus banks
remained closed this week and will not reopen until next
Tuesday, amid the confusion. An auction of German 10-year
bunds Wednesday produced the lowest yield since last July,
which underscored the keener risk aversion in the market
place this week.

The Nasdaq stock futures index closed up 19.00 at 2,798.50
today. Prices closed nearer the session high today. Bulls
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 this week’s low of
2,749.00. First resistance is seen at today’s high of
2,807.00 and then at 2,815.00. First support is seen at
2,785.00 and then at today’s low of 2,772.50. Wyckoff's
Market Rating: 6.5

The S&P 500 futures index closed up 8.80 at 1,551.00.
Prices closed nearer the session high today and are
hovering near the recent five-year high. Bulls 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 1,520.00. First resistance is seen at last
week’s high of 1,558.60 and then at 1,565.00. First support
is seen at today’s low of 1,537.00 and then at this week’s
low of 1,529.60. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 44 points at 14,432 today. Prices
closed nearer the session low today but did hit another
fresh all-time high. The bulls 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 14,150. First resistance in the Dow lies at today’s
record high of 14,470 and then at 14,500. First support is
seen at 14,400 and then at 14,360. Wyckoff's Market Rating:
8.0.

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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