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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. 6

Nov 07, 2012

Tuesday Evening, November 6-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: December live cattle closed up $0.40 at
$125.67 today. Prices closed nearer the session high today
and saw some short covering. The key “outside markets” were
bullish for the cattle market today as the U.S. dollar
index was weaker and crude oil prices were sharply higher.
Cattle bears still have the overall near-term technical
advantage. However, it’s still my bias is that a near-term
market low is in place. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at $127.00. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at the
September low of $123.95. First resistance is seen at
$126.00 and then at last week’s high of $126.60. First
support is seen at $124.95 and then at last week’s low of
$124.60. Wyckoff's Market Rating: 3.0

January feeder cattle closed down $0.05 at $146.72 today.
Prices closed nearer the session high in quieter trading
today. Bears have the near-term technical advantage as
prices hit a three-month low on Monday. Prices have been
trading choppy and sideways for the past three months. The
next upside price breakout objective for the feeder bulls
is to push and close prices above solid technical
resistance at $149.00. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $145.00. First resistance is
seen at $147.00 and then at $147.50. First support is seen
at Monday’s low of $145.85 and then at $145.50. Wyckoff's
Market Rating: 3.0

December lean hogs closed up $0.65 at $77.57 today. Prices
closed nearer the session high today and did hit a fresh
three-week low early on. Short covering was featured along
with some bargain hunting. The key “outside markets” were
bullish for the hog market today as the U.S. dollar index
was weaker and crude oil prices were sharply higher. Bulls
and bears are on a level near-term technical playing field.
The next upside price breakout objective for the hog bulls
is to push and close prices above solid chart resistance at
the October high of $79.77. The next downside price
breakout objective for the bears is pushing prices below
solid technical support at $75.50. First resistance is seen
at $78.00 and then at $78.50. First support is seen at
$77.00 and then at today’s low of $76.65. Wyckoff's Market
Rating: 5.0

*. GRAINS: December corn futures were up 4 1/2 cents at
7.40 in late trading today. Prices were near the session
high on some short covering and bargain hunting. The key
“outside markets” were bullish for the corn market today as
the U.S. dollar index was weaker and crude oil prices were
sharply higher. Traders are awaiting Friday morning’s USDA
supply and demand report. Prices are still in a choppy and
sideways trading range on the daily chart. The bulls have
the slight near-term technical advantage. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at the October high of $7.76.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the September low of $7.05. First resistance for December
corn is seen at this week’s high of $7.45 and then at
$7.50. First support is seen at this week’s low of $7.33
and then at $7.30. Wyckoff's Market Rating: 5.5

January soybeans were up 13 3/4 cents at $15.17 a bushel in
late trading today. Prices were nearer the session high and
saw some short covering and bargain hunting. The key
“outside markets” were bullish for the soybean market today
as the U.S. dollar index was weaker and crude oil prices
were sharply higher. Traders are awaiting Friday morning’s
USDA supply and demand report. Soybean bears have the
slight near-term technical advantage. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing November prices above solid
technical resistance at $15.77 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the October
low of $14.84. First resistance is seen at this week’s high
of $15.24 1/4 and then at $15.35. First support is seen at
$15.00 and then at $14.84. Wyckoff's Market Rating: 4.5.

December soybean meal was up $2.70 at $471.70 in late
trading today. Prices were near mid-range on some short
covering and bargain hunting. Bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at last week’s high
of $490.00. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the October low of $450.20. First
resistance comes in at $475.00 and then at this week’s high
of $477.40. First support is seen at $470.00 and then at
this week’s low of $468.40. Wyckoff's Market Rating: 5.0

December bean oil was up 50 points at 48.82 cents in late
trading today. Prices were nearer the session high and saw
short covering in a bear market. The key “outside markets”
were bullish for the bean oil market today as the U.S.
dollar index was weaker and crude oil prices were sharply
higher. Bean oil bears still 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 51.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 47.00 cents. First resistance is seen
at this week’s high of 49.22 cents and then at 49.41 cents.
First support is seen at today’s low of 48.35 cents and
then at this week’s low of 48.25 cents. Wyckoff's Market
Rating: 2.0

December Chicago SRW wheat was up 7 3/4 cents at $8.73 3/4
in late trading today. Prices were nearer the session high.
The key “outside markets” were bullish for the wheat market
today as the U.S. dollar index was weaker and crude oil
prices were sharply higher. Traders are awaiting Friday
morning’s USDA supply and demand report. Wheat bulls 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 $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 $8.40 1/4.
First resistance is seen at today’s high of $8.76 1/2 and
then at $8.85. First support lies at today’s low of $8.67
and then at $8.58 3/4 and then at $8.50. Wyckoff's Market
Rating: 6.0.

December K.C. HRW wheat was up 6 cents at $9.15 in late
trading today. Prices were near mid-range. The HRW bulls
have the overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $9.29 3/4. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at the September low of $8.72 1/2. First resistance is seen
at this week’s high of $9.19 and then at $9.25. First
support is seen at today’s low of $9.09 1/4 and then at
$9.00 and then at last week’s low of $8.95. Wyckoff's
Market Rating: 6.0

December oats were steady at $3.58 today in late trading.
Prices were near mid-range and hit another fresh four-month
low today. Oats bears have quickly gained the overall near-
term technical advantage as a steep two-week-old downtrend
is now in place on the daily bar chart. 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 $3.75. First
support lies at today’s low of $3.53 1/2 and then at $3.50.
First resistance is seen at $3.60 and then at today’s high
of $3.63 3/4. Wyckoff's Market Rating: 4.0

*. SOFTS: March sugar closed up 26 points at 19.59 cents
today. Prices closed nearer the session high today, scored
a mildly bullish “outside day” up on the daily bar chart,
and saw short covering in a bear market. The key “outside
markets” were bullish for the sugar market today as the
U.S. dollar index was weaker and crude oil prices were
sharply higher. Prices are still not far above an eight-
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 20.50 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 18.50 cents. First resistance is
seen at today’s high of 19.77 cents and then at 19.95
cents. First support is seen at today’s low of 19.26 cents
and then at last week’s low of 19.18 cents. Wyckoff's
Market Rating: 2.0.

December coffee closed up 15 points at 151.05 cents. Prices
closed nearer the session low and hit another fresh 14-
month low today. Recent reports of a big Brazil coffee crop
have pressured coffee futures recently. Coffee bears still
have the solid overall near-term technical advantage.
Prices are in a four-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 165.70
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
147.50 cents a pound. First resistance is seen at today’s
high of 152.50 cents and then at this week’s high of 154.70
cents. First support is seen at 150.00 cents and then at
149.00 cents. Wyckoff's Market Rating: 1.0

December cocoa closed up $24 at $2,468 a ton. Prices closed
near the session high today and hit a fresh two-week high.
The key “outside markets” were bullish for the cocoa market
today as the U.S. dollar index was weaker and crude oil
prices were sharply higher. Cocoa bulls today regained the
slight 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 October high
of $2,526. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the October low of $2,338. First
resistance is seen at today’s high of $2,470 and then at
$2,500. First support is seen at today’s low of $2,435 and
then at this week’s low of $2,423. Wyckoff's Market Rating:
5.5

December cotton closed down 30 points at 70.10 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bullish for the cotton market today
as the U.S. dollar index was weaker and crude oil prices
were sharply higher. Yet, cotton could manage no gains,
which is yet another bearish clue for 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 73.50 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at July low of 69.40 cents. First resistance is seen at
today’s high of 71.10 cents and then at 71.86 cents. First
support is seen at last week’s low of 69.66 cents and then
at 69.40 cents. Wyckoff's Market Rating: 2.5

January orange juice closed up 295 points at $1.0970 today.
Prices closed near the session high today and saw more
short covering in a bear market. The key “outside markets”
were bullish for the FCOJ market today as the U.S. dollar
index was weaker and crude oil prices were sharply higher.
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 $1.0250. First resistance is
seen at today’s high of $1.1015 and then at $1.1200. First
support is seen at today’s low of $1.067 and then at this
week’s low of $1.0585. Wyckoff's Market Rating: 2.5.

January lumber futures closed up the $10.00 limit at
$333.30 today. Prices closed at a fresh contract high
close. Ideas the major storm on the U.S. east coast will
produce strong lumber demand is bullish. Bulls have the
solid near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
last week’s low of $318.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $340.00. First resistance is
seen at the contract high of $335.00 and then at $337.50.
First support is seen at $330.00 and then at $326.30.
Wyckoff's Market Rating: 8.5

*. METALS: December gold futures closed up $34.10 an ounce
at $1,717.00 today. Prices closed near the session high
today on strong short covering and bargain hunting
following last Friday’s sharp losses. Price action today
recouped last week’s losses as bulls gained fresh upside
near-term technical momentum. The key “outside markets”
were bullish for gold today as the U.S. dollar index was
weaker and crude oil prices were solidly higher. A four-
week-old downtrend is still in place on the daily bar
chart, but now just barely. The gold bulls’ next upside
price breakout objective is to produce a close above solid
technical resistance at last week’s high of $1,727.50.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at last week’s
low of $1,672.50. First resistance is seen at $1,727.50 and
then at $1,731.20. First support is seen at $1,700.00 and
then at $1,690.00. Wyckoff’s Market Rating: 6.0

December silver futures closed up $0.972 an ounce at $32.10
today. Prices closed nearer the session high today and have
now regained most of last week’s losses. Bargain hunting
and short covering were featured. The key “outside markets”
were also bullish for silver today as the U.S. dollar index
was weaker and crude oil prices were solidly higher. A
five-week-old downtrend on the daily bar chart is still in
place, but now just barely as the bulls have regained
upside near-term technical momentum. The silver bulls and
bears are now back on a level near-term technical playing
field. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at last
week’s high of $32.695 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $30.655.
First resistance is seen at $32.50 and then at $32.695.
Next support is seen at $31.535 and then at today’s low of
$31.07. Wyckoff's Market Rating: 5.0.

December N.Y. copper closed up 400 points at 351.05 cents
today. Prices closed near the session high today and saw
short covering and bargain hunting. The key “outside
markets” were bullish for copper today as the U.S. dollar
index was weaker and crude oil prices were solidly 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 360.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 340.00 cents. First resistance is seen at 355.00
cents and then at 356.90 cents. First support is seen at
350.00 cents and then at today’s low of 347.00 cents.
Wyckoff's Market Rating: 3.5.

*. ENERGIES: December crude oil closed up $2.64 a barrel at
$88.30 today. Prices closed nearer the session high today
on heavy short covering and bargain hunting after hitting a
fresh four-month low on Monday. Bears still have the slight
overall near-term technical advantage but the bulls gained
some momentum today. Prices are still in a seven-week-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
$90.00 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 this week’s low of $84.34.
First resistance is seen at today’s high of $89.22 and then
at $90.00. First support is seen at $87.50 and then at
$87.00. Wyckoff's Market Rating: 4.5

December heating oil closed up 657 points at $3.0486 today.
Prices closed nearer the session high on heavy short
covering and bargain hunting after hitting a three-month
low on Monday. Bulls and bears are back on a level near-
term technical playing field. Prices are still in a three-
week-old downtrend on the daily bar chart. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $3.1207. Bears' next downside
price breakout objective is producing a close below solid
technical support at this week’s low of $2.9347. First
resistance lies at today’s high of $3.0600 and then at
$3.0800. First support is seen at $3.0250 and then at
$3.0000. Wyckoff's Market Rating: 5.0.

December (RBOB) unleaded gasoline closed up 742 points at
$2.6944 today. Prices closed nearer the session high today
and hit a fresh two-week high. Bulls and bears are now back
on a level near-term technical playing field. A six-week-
old downtrend on the daily bar chart was negated today. 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 this week’s low of $2.5524.
First resistance is seen at today’s high of $2.7150 and
then at $2.7500. First support is seen at $2.6750 and then
at $2.6500. Wyckoff's Market Rating: 5.0.

December natural gas closed up 6.3 cents at $3.617 today.
Prices closed near the session high today on short covering
after hitting a five-week low on Monday. Bears have the
slight overall near-term technical advantage. Prices are in
a steep two-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 $3.75.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.40.
First resistance is seen at $3.65 and then at $3.70. First
support is seen at this week’s low of $3.506 and then at
$3.45. Wyckoff's Market Rating: 4.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 24 points at 1.2817 today. Prices closed
nearer the session high today on short covering after
hitting a fresh two-month low early on. The Euro bulls
still have the slight overall near-term technical
advantage, but are fading. A two-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 last week’s high of 1.3027.
The next downside price breakout objective for the bears is
closing prices below solid chart support at 1.2650. First
resistance for the Euro lies at this week’s high of 1.2847
and then at 1.2900. Next support is seen at today’s low of
1.2767 and then at 1.2750. Wyckoff's Market Rating: 5.5

The December Japanese yen closed down 22 points at 1.2440
today. Prices closed near the session low today. Prices
last Friday hit a six-month low. Bears have the solid near-
term technical advantage. 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 last week’s high of 1.2640. Bears' next downside
breakout objective is closing prices below solid technical
support at the June low of 1.2300. First resistance is seen
at 1.2481 and then at today’s high of 1.2510. First support
is seen this week’s low of 1.2416 and then at last week’s
low of 1.2399. Wyckoff's Market Rating: 2.0.

The December Swiss franc closed up 5 points at 1.0609
today. Prices closed nearer the session high today and saw
tepid short covering. The Swissy 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 last week’s high of 1.0787. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0500.
First resistance is seen at this week’s high of 1.0644 and
then at 1.0700. First support is seen at today’s low of
1.0580 and then at last week’s low of 1.0534. Wyckoff's
Market Rating: 5.0.

The December Australian dollar closed up 78 points at
1.0403 today. Prices closed nearer the session high and hit
a fresh six-week high today. Bulls have the overall near-
term technical advantage and gained more power today.
Prices are in a four-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 1.0250. First resistance is seen at today’s high
of 1.0413 and then at 1.0450. Next support is seen at
1.0363 and then at today’s low of 1.0331. Wyckoff's Market
Rating: 6.5

The December Canadian dollar closed up 50 points at 1.0072
today. Prices closed nearer the session high today and hit
a fresh two-week high. A seven-week-old downtrend is still
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
1.0100. The next downside price breakout objective for the
bears is closing prices below solid technical support at
.9900. First resistance is seen at today’s high of 1.0082
and then at 1.0100. First support is seen at today’s low of
1.0023 and then at 1.0000. Wyckoff's Market Rating: 4.0.

The December British pound closed up 24 points at 1.5993
today. Prices closed nearer the session high today. Bulls
and bears are on a level near-term technical playing field
amid choppy trading. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at last week’s high of 1.6173. Bears'
next downside technical breakout objective is closing
prices below solid support at the October low of 1.5909.
First resistance is seen at this week’s high of 1.6037 and
then at 1.6100. First support is seen at this week’s low of
1.5955 and then at 1.5909. Wyckoff's Market Rating: 5.0.

The December U.S. dollar index closed down 10 points at
80.73 today. Prices closed nearer the session low today.
The bears still have the overall near-term technical
advantage but the bulls are gaining decent upside technical
momentum. Bulls' next upside price breakout objective is to
close prices above solid technical resistance at 81.50. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at last
week’s low of 79.72. Next resistance lies at today’s high
of 80.92 and then at 81.00. First support is seen at this
week’s low of 80.59 and then at 80.42. Wyckoff's Market
Rating: 4.0.

December U.S. T-Bonds closed down 1 1/32 at 148 7/32 today.
Prices closed nearer the session low today and saw some
profit taking. The “risk-on” day today in the market place
pressured bonds. Trading in bonds remains choppy. Bulls and
bears are now back on a level near-term technical playing
field. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at the October low of 146 2/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the October high of 150
7/32. First resistance is seen at 149 even and then at this
week’s high of 149 15/32. First support is seen at 148 even
and then at 147 18/32. Wyckoff's Market Rating: 5.0.

December U.S. T Notes closed down 15.5 (32nds) at 132.21.0
today. Prices closed nearer the session low today. Bulls
and bears are now back on a level near-term technical
playing field. The next upside price breakout objective for
the bulls is closing prices above solid resistance at
133.17.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the October low of 131.22.0. First resistance is
seen at 133.00.0 and then at this week’s high of 133.07.5.
First support is seen at today’s low of 132.20.0 and then
at 132.16.0. Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher today on a relief rally. Tuesday started out
early as a bit of a “risk-on” trading day in the market
place, and saw that risk appetite build as the trading
session wore on. It could well be, and it is my bias, that
most markets produce no major reactions to the actual U.S.
election results. Today’s rallies in many markets
corroborates the aforementioned notion. In overnight news,
European stocks were up slightly despite some fresh
downbeat economic news coming out of the European Union
Tuesday. European market watchers are now looking to a
Greek parliamentary vote on fresh austerity measures which
is scheduled for Wednesday. The European Central Bank holds
its monthly meeting on Thursday. There is a general
leadership conference in China later this week, at which
time new leaders in China will be selected. Australia’s
central bank also met Tuesday to discuss its monetary
policy and made no major changes. Many thought the
Australian central bank would ease monetary policy.

The Nasdaq stock futures index closed up 14.25 points at
2,676.50. Prices closed nearer the session high again
today. Bulls' next upside price breakout objective is
closing prices above solid resistance at 2,778.75. The
bears' next downside price breakout objective is closing
prices below solid technical support at the August low of
2,600.00. First resistance is seen at last week’s high of
2,694.00 and then at 2,700.00. First support is seen at
today’s low of 2,653.25 and then at this week’s low of
2,634.75. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed up 12.20 at 1,424.20.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,459.50. 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 last week’s high of 1,431.30 and then
at 1,440.00. First support is seen at today’s low of
1,409.90 and then at 1,400.00. Wyckoff's Market Rating:
5.5.

The Dow futures closed up 120 points at 13,173. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,525. The next downside price
objective for the bears is closing prices below solid
technical support at the September low of 12,965. First
resistance in the Dow lies at last week’s high of 13,220
and then at 13,250. First support is seen at 13,100 and
then at today’s low of 13,085. Wyckoff's Market Rating:
5.5.

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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