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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Nov. 13

Nov 14, 2012

Tuesday Evening, November 13-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: February live cattle closed up $0.37 at
$129.72 today. Prices closed near the session high today
and scored a bullish “outside day” up on the daily bar
chart. Prices also hit a fresh two-week high. Cattle bears
still have the overall near-term technical advantage. A
choppy two-month-old downtrend line is in place on the
daily bar chart. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the November high of $130.25. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the September low of $127.90. First resistance is seen at
$130.00 and then at $130.25. First support is seen at
$129.40 and then at today’s low of $129.00. Wyckoff's
Market Rating: 4.0

January feeder cattle closed up $0.22 at $146.17 today.
Prices closed near the session high today and saw more
tepid short covering in a bear market. Prices last week hit
a 3.5-month low. Bears still 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 $148.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at the July
low of $142.37. First resistance is seen at $146.50 and
then at last week’s high of $146.85. First support is seen
at today’s low of $145.55 and then at last week’s low of
$144.90. Wyckoff's Market Rating: 2.5

February lean hogs closed up $0.62 at $86.90 today. Prices
closed nearer the session high and hit a fresh contract
high today. Bulls have solid upside technical momentum.
Prices are in a nine-week-old uptrend on the daily bar
chart. However, it’s at present price levels that in recent
months have put in market tops for lean hogs. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at
$90.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$85.00. First resistance is seen at today’s contract high
of $87.27 and then at $88.00. First support is seen at
today’s low of $86.20 and then at this week’s low of
$85.95. Wyckoff's Market Rating: 8.0

*. GRAINS: March corn futures were down 2 1/4 cents at 7.20
in late trading today. Prices were near mid-range and hit
another fresh six-week low. The key “outside markets” were
in a bearish posture for corn today as the U.S. dollar
index was firmer and crude oil prices were weaker. The corn
bears have the slight overall near-term technical
advantage. Corn bulls' next upside price objective is to
push and close prices above solid technical resistance at
$7.50. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the September low of $7.08 3/4. First resistance
for March corn is seen at $7.25 and then at today’s high of
$7.30. First support is seen at today’s low of $7.14 1/4
and then at $7.08 3/4. Wyckoff's Market Rating: 4.5

January soybeans were down 1 cent at $14.04 a bushel in
late trading today. Prices were near mid-range and hit
another fresh 4.5-month low today. The key “outside
markets” were in a bearish posture for soybeans today as
the U.S. dollar index was firmer and crude oil prices were
weaker. Soybean bears have the solid near-term technical
advantage. A 2.5-month-old downtrend is in place on the
daily bar chart. However, this market is oversold on a
short-term basis and due for at least a corrective upside
bounce very soon. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing January 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 $13.50. First resistance is seen at
today’s high of $14.17 3/4 and then at $14.25. First
support is seen at today’s low of $13.91 1/4 and then at
$13.75. Wyckoff's Market Rating: 3.0.

March soybean meal was down $1.10 at $415.80 in late
trading today. Prices were near mid-range and hit another
fresh 3.5-month low today. Bears have the solid near-term
technical advantage in meal. A two-month-old downtrend is
in place on the daily bar chart. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $440.00. 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 $420.00 and then at
today’s high of $422.90. First support is seen at today’s
low of $410.70 and then at $405.00. Wyckoff's Market
Rating: 3.0

March bean oil was down 50 points at 47.72 cents in late
trading today. Prices were nearer the session low and were
poised to close at a fresh contract low close today. The
key “outside markets” were in a bearish posture for bean
oil today as the U.S. dollar index was firmer and crude oil
prices were weaker. Bean oil bears have the solid 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 50.00
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 46.00 cents. First resistance is
seen at 48.00 cents and then at 48.50 cents. First support
is seen at Monday’s contract low of 47.35 cents and then at
47.00 cents. Wyckoff's Market Rating: 1.0

March Chicago SRW wheat was down 11 cents at $8.61 1/2 in
late trading today. Prices were nearer the session low
today and hit a fresh four-week low. The key “outside
markets” were in a bearish posture for wheat today as the
U.S. dollar index was firmer and crude oil prices were
weaker. Wheat bulls have faded quickly and have lost their
near-term technical advantage. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $9.00 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the October low of $8.53. First
resistance is seen at $8.70 and then at $8.80. First
support lies at today’s low of $8.58 and then at $8.53.
Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat was down 7 3/4 cents at $8.99 1/2 in
late trading today. Prices were nearer the session low and
hit a fresh four-week low today. Recent price action has
produced a virtual “key reversal” down on the daily bar
chart, which is an early warning signal that a market top
is in place. The HRW bulls have lost their overall near-
term technical advantage. Bulls’ next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $9.45. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the September low of $8.85.
First resistance is seen at today’s high of $9.13 1/4 and
then at $9.25. First support is seen at today’s low of
$8.98 and then at $8.85. Wyckoff's Market Rating: 5.0

March oats were up 3 cents at $3.71 today in late trading.
Prices were nearer the session high and saw some short
covering. Prices Monday hit a 4.5-month low. Oats bears
have the slight near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.50. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.80. First
support lies at today’s low of $3.66 and then at this
week’s low of $3.62 1/2. First resistance is seen at $3.75
and then at $3.78. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 4 points at 19.32 cents
today. Prices closed nearer the session low today. The key
“outside markets” were in a bearish posture for sugar today
as the U.S. dollar index was firmer and crude oil prices
were weaker. Prices last Friday hit a fresh 22-month low.
Sugar bears still have the solid near-term technical
advantage. Prices are in a four-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 20.00 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 today’s high of 19.64 cents and then at last week’s high
of 19.77 cents. First support is seen at today’s low of
19.24 cents and then at this week’s low of 19.04 cents.
Wyckoff's Market Rating: 1.5.

March coffee closed down 685 points at 151.35 cents. Prices
closed nearer the session low today and hit a fresh 22-
month low. The key “outside markets” were in a bearish
posture for coffee today as the U.S. dollar index was
firmer and crude oil prices were weaker. Coffee bears have
the solid overall near-term technical advantage. Prices are
in a five-week-old downtrend on the daily bar chart. The
next upside breakout objective for the bulls 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 150.00
cents a pound. First resistance is seen at 152.50 cents and
then at 155.00 cents. First support is seen at today’s low
of 150.90 cents and then at 150.00 cents. Wyckoff's Market
Rating: 1.0

March cocoa closed up $3 at $2,378 a ton. Prices closed
near mid-range today and saw tepid short covering in a bear
market. The key “outside markets” were in a bearish posture
for cocoa today as the U.S. dollar index was firmer and
crude oil prices were weaker. Cocoa prices Friday hit a
3.5-month low. Cocoa bears have the overall near-term
technical advantage. A nine-week-old downtrend on the daily
bar chart is in place. 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
$2,475. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,250. First resistance is seen at today’s high
of $2,398 and then at $2,408. First support is seen at
today’s low of $2,356 and then at last week’s low of
$2,322. Wyckoff's Market Rating: 3.5

March cotton closed down 49 points at 70.71 cents today.
Prices closed nearer the session low today. The key
“outside markets” were in a bearish posture for cotton
today as the U.S. dollar index was firmer and crude oil
prices were weaker. Cotton prices Friday hit a four-month
low. Cotton bears have the solid near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at 73.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at June low of 68.49 cents.
First resistance is seen at today’s high of 71.20 cents and
then at this week’s high of 71.94 cents. First support is
seen at this week’s low of 70.10 cents and then at last
week’s low of 69.79 cents. Wyckoff's Market Rating: 2.5

January orange juice closed up 340 points at $1.0950 today.
Prices closed nearer the session high today on short
covering and bargain hunting. FCOJ bears still have the
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.1200. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the October low of $1.0445. First resistance is seen at
$1.1000 and then at $1.1080. First support is seen at
$1.0800 and then at $1.0700. Wyckoff's Market Rating: 2.5.

January lumber futures closed down $3.70 at $324.00 today.
Prices closed near mid-range and saw more profit taking
today. Bulls still have the overall near-term technical
advantage, but trading has become choppy at higher price
levels. The next downside technical breakout objective for
the lumber bears is pushing and closing prices below solid
technical support at $315.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the contract
high of $335.00. First resistance is seen at today’s high
of $326.00 and then at $328.00. First support is seen at
today’s low of $322.00 and then at $320.00. Wyckoff's
Market Rating: 7.0

*. METALS: December gold futures closed down $7.30 an ounce
at $1,723.70 today. Prices closed near mid-range and saw
some more profit taking and chart consolidation. The key
“outside markets” were mildly bearish for gold today as the
U.S. dollar index was firmer and crude oil prices were
weaker. Bulls still have the overall near-term technical
advantage. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at $1,755.00. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at the November low of $1,672.50. First
resistance is seen at today’s high of $1,733.30 and then at
last week’s high of $1,739.40 and then at $1,750.00. First
support is seen at today’s low of $1,717.60 and then at
$1,710.00. Wyckoff’s Market Rating: 6.0

December silver futures closed down $0.092 an ounce at
$32.43 today. Prices closed near mid-range today but did
hit a fresh three-week high early on. The key “outside
markets” were mildly bearish for silver today as the U.S.
dollar index was firmer and crude oil prices were weaker.
Silver bulls still have the overall near-term technical
advantage. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at $33.50
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the November low of $30.655. First resistance is seen at
today’s high of $32.83 and then at $33.00. Next support is
seen at today’s low of $32.10 and then at $32.00. Wyckoff's
Market Rating: 6.0.

December N.Y. copper closed up 50 points at 347.30 cents
today. Prices closed nearer the session high today and saw
tepid short covering in a bear market. Copper bears still
have the overall near-term technical advantage. Prices are
in a two-month-old downtrend on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 357.50
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
335.00 cents. First resistance is seen at 350.00 cents and
then at 352.50 cents. First support is seen at 345.00 cents
and then at today’s low of 342.15 cents. Wyckoff's Market
Rating: 3.0.

*. ENERGIES: December crude oil closed down $0.27 a barrel
at $85.31 today. Prices closed near mid-range today in more
quiet trading. Crude oil bears still have the overall near-
term technical advantage. Prices are in a two-month-old
downtrend on the daily bar chart. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at last
week’s high of $89.22 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 $82.00.
First resistance is seen at $86.00 and then at $86.77.
First support is seen at $85.00 and then at today’s low of
$84.57. Wyckoff's Market Rating: 3.5

December heating oil closed down 397 points at $2.9595
today. Prices closed nearer the session low today and are
hovering near a 3.5-month low. Bears have the near-term
technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at $3.0750. Bears' next downside price
breakout objective is producing a close below solid
technical support at the November low of $2.9347. First
resistance lies at $3.0000 and then at this week’s high of
$3.0279. First support is seen at today’s low of $2.9450
and then at $2.9347. Wyckoff's Market Rating: 4.0.

December (RBOB) unleaded gasoline closed down 223 points at
$2.6538 today. Prices closed near mid-range today. 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 $2.7500.
Bears' next downside price breakout objective is closing
prices below solid support at the November low of $2.5524.
First resistance is seen at today’s high of $2.6724 and
then at $2.7000. First support is seen at today’s low of
$2.6276 and then at $2.6000. Wyckoff's Market Rating: 5.0.

December natural gas closed up 17.4 cents at $3.745 today.
Prices closed near the session high today on more short
covering and bargain hunting. Prices hit a fresh two-week
high today. A steep three-week-old downtrend on the daily
bar chart was negated today. Bulls and bears are 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 October high of
$3.97. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of $3.47. First resistance is seen at $3.75
and then at $3.80. First support is seen at $3.70 and then
at $3.65. Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 9 points at 1.2708 today. Prices
closed near mid-range today and did hit another fresh two-
month low. The Euro bears have the overall near-term
technical advantage. A three-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 1.3027. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2600. First resistance for
the Euro lies at this week’s high of 1.2743 and then at
1.2800. Next support is seen at today’s low of 1.2665 and
then at 1.2600. Wyckoff's Market Rating: 4.0

The December Japanese yen closed up 8 points at 1.2599
today. Prices closed near mid-range today. Bears still have
the overall near-term technical advantage. However, a two-
month-old downtrend on the daily bar chart was negated last
Friday, to suggest a near-term low is in place. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.2700. Bears' next downside breakout
objective is closing prices below solid technical support
at the November low of 1.2399. First resistance is seen at
today’s high of 1.2629 and then at last week’s high of
1.2650. First support is seen at today’s low of 1.2560 and
then at 1.2540. Wyckoff's Market Rating: 4.0.

The December Swiss franc closed up 5 points at 1.0559
today. Prices closed nearer the session high today and hit
a two-month low early on. The Swissy bears have the near-
term technical advantage. Prices are in a three-week-old
downtrend on the daily bar chart. 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 1.0400. First resistance is seen
at today’s high of 1.0570 and then at 1.0600. First support
is seen at today’s low of 1.0517 and then at 1.0500.
Wyckoff's Market Rating: 4.0.

The December Australian dollar closed up 1 point at 1.0402
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. Prices are
in a five-week-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at the August high of 1.0493.
The next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0300.
First resistance is seen at today’s high of 1.0419 and then
at last week’s high of 1.0446. Next support is seen at this
week’s low of 1.0357 and then at 1.0325. Wyckoff's Market
Rating: 6.5

The December Canadian dollar closed down 24 points at .9973
today. Prices closed near mid-range today and poked to a
fresh 3.5-month low. A two-month-old downtrend is in place
on the daily bar chart. Bears have the near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at last week’s
high of 1.0118. The next downside price breakout objective
for the bears is closing prices below solid technical
support at .9900. First resistance is seen at this week’s
high of 1.0008 and then at 1.0044. First support is seen at
today’s low of .9957 and then at .9900. Wyckoff's Market
Rating: 3.5.

The December British pound closed down 2 points at 1.5871
today. Prices closed nearer the session low today and hit
another fresh nine-week low. Bears have the slight near-
term technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the November high of 1.6173. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5750. First resistance is
seen at today’s high of 1.5913 and then at 1.5950. First
support is seen at today’s low of 1.5856 and then at
1.5800. Wyckoff's Market Rating: 4.5.

The December U.S. dollar index closed up 6 points at 81.16
today. Prices closed near mid-range today and hit a fresh
two-month high. The bulls have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 82.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 80.00. Next resistance lies at today’s
high of 81.32 and then at 81.50. First support is seen at
this week’s low of 80.98 and then at 80.68. Wyckoff's
Market Rating: 6.0.

December U.S. T-Bonds closed up 15/32 at 152 4/32 today.
Prices closed near mid-range today and hit a fresh 3.5-
month high today. Safe-haven buying interest has been seen
recently. Bulls have the solid near-term technical
advantage and have good near-term upside momentum. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 149 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
July high of 154 17/32. First resistance is seen at today’s
high of 152 15/32 and then at 153 even. First support is
seen at today’s low of 151 19/32 and then at 151 even.
Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 5.0 (32nds) at 134.01.5
today. Prices closed nearer the session high and closed at
a fresh 3.5-month high close today. Bulls have the solid
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the July high of 134.18.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 132.20.0. First resistance is seen at last
week’s high of 134.06.5 and then at 134.10.0. First support
is seen at today’s low of 133.26.0 and then at 133.22.0.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed but mostly weaker today in quiet trading today. Bears
still have the slight near-term technical advantage in the
stock indexes. The ongoing European Union sovereign debt
crisis has ratcheted up a notch, which has put a crimp on
the stock indexes recently. In overnight news, European
stocks declined on apparent disagreement among European
Union troika officials on the terms and when to disburse
the next tranche of EU bailout money to Greece, which is
now running out of cash. An EU meeting Monday failed to
come to agreement on when to give Greece a new cash
infusion. Now, another EU meeting is scheduled for November
20 on the matter. There was also more weak economic data
coming out of Germany Tuesday, where the ZEW index of
economic sentiment fell sharply. There is key economic data
coming out of the EU on Thursday, as gross domestic product
data is released by the major EU countries. Meantime, focus
in the U.S. remains on resolving the so-called fiscal cliff
matter by the end of the year. The Obama administration and
congressional leaders are both jawboning the matter at
present, with mixed ideas on whether the rhetoric is good
or bad. Ratings agencies have issued warnings to the U.S.
that U.S. credit will be downgraded if the fiscal cliff
problem is not sufficiently resolved. This market watcher
reckons both sides will come to agreement on the matter
before the end of the year, likely by agreeing to short-
term funding measures and then agreeing to visit the
situation again in the coming months.
 
The Nasdaq stock futures index closed down 17.50 at
2,563.50. Prices closed nearer the session low today and
hit a fresh 3.5-month low. Prices are in a seven-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,700.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at the July low of 2,516.50. First resistance is seen at
today’s high of 2,585.75 and then at 2,600.00. First
support is seen at today’s low of 2,553.00 and then at
2,525.00. Wyckoff's Market Rating: 3.5

The S&P 500 futures index closed down 7.40 at 1,370.80.
Prices closed nearer the session low today and closed at a
fresh three-month low close. Prices also scored a bearish
“outside day” down on the daily bar chart today. Prices are
in a four-week-old downtrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at this week’s high of 1,431.40. The
next downside price breakout objective for the bears is
closing prices below solid support at the August low of
1,350.00. First resistance is seen at today’s high of
1,386.00 and then at 1,400.00. First support is seen at
last week’s low of 1,363.70 and then at 1,350.00. Wyckoff's
Market Rating: 3.5.

The Dow futures closed up 25 points at 12,805. Prices
closed nearer the session high today.  But did hit a fresh
3.5-month low early on. Prices are in a four-week-old
downtrend on the daily bar chart. The next upside price
objective for the bulls is closing prices above solid
technical resistance at last week’s high of 13,220. The
next downside price objective for the bears is closing
prices below solid technical support at the July low of
12,425. First resistance in the Dow lies at today’s high of
12,855 and then at 12,900. First support is seen at 12,750
and then at today’s low of 12,700. Wyckoff's Market Rating:
4.0.

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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