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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--October 4

Oct 05, 2012

Thursday Evening, October 4-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 down $0.32 at
$125.70 today. Prices closed nearer the session low today.
The key “outside markets” were fully bullish for the cattle
market today, as the U.S. dollar index was sharply lower
and crude oil prices were sharply higher. Yet, cattle could
not rally, which is a bearish clue. Cattle bears have the
overall near-term technical advantage. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $127.50. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $123.95. First resistance is seen at
$126.00 and then at today’s high of $126.50. First support
is seen at $125.50 and then at $125.00. Wyckoff's Market
Rating: 3.5

November feeder cattle closed down $0.97 at $145.82 today.
Prices closed near the session low and scored a bearish
“outside day” down on the daily bar chart. Bears have the
near-term technical advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $148.00.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
this week’s low of $143.80. First resistance is seen at
$146.50 and then at this week’s high of $147.25. First
support is seen at $145.50 and then at $145.00. Wyckoff's
Market Rating: 4.0

December lean hogs closed up $0.17 at $76.05 today. Prices
closed near the session low. Hog market bulls have the
slight overall near-term technical advantage. A four-week-
old uptrend is in place on the daily bar chart. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at
$78.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
last week’s low of $73.50. First resistance is seen at
$76.50 and then at $77.00. First support is seen at $75.32
and then at $75.00. Wyckoff's Market Rating: 5.5

*. GRAINS: December corn futures were up 3 cents at 7.59
3/4 in late trading today. Prices were near mid-range. The
key “outside markets” were fully bullish for the corn
market today, as the U.S. dollar index was sharply lower
and crude oil prices were sharply higher. Prices remain in
a seven-week-old downtrend on the daily bar chart, but now
just barely. The corn bulls 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 $7.89 1/2. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $7.36 1/2. First resistance for
December corn is seen at this week’s high of $7.68 1/2 and
then at $7.75. First support is seen at $7.50 and then at
this week’s low of $7.46. Wyckoff's Market Rating: 6.0

November soybeans were up 20 3/4 cents at $15.52 1/2 a
bushel in late trading today. Prices were near mid-range
and saw some short covering and bargain hunting. The key
“outside markets” were fully bullish for the soybean market
today, as the U.S. dollar index was sharply lower and crude
oil prices were sharply higher. Bulls and bears are now
back on a level near-term technical playing field. However,
a four-week-old downtrend is still in place on the daily
bar chart. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
November prices above psychological resistance at $16.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below major support at
$15.00. First resistance is seen at today’s high of $15.68
3/4 and then at $15.75. First support is seen at today’s
low of $15.31 and then at $15.25. Wyckoff's Market Rating:
5.0.

December soybean meal was up $6.30 at $470.70 in late
trading today. Prices were near mid-range and saw short
covering and bargain hunting. Meal bulls and bears are back
on a level near-term technical playing field. However,
prices are still in a four-week-old downtrend on the daily
bar chart. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at last week’s high of $491.60. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$450.00. First resistance comes in at today’s high of
$476.80 and then at $480.00. First support is seen at
today’s low of $463.90 and then at $460.00. Wyckoff's
Market Rating: 5.0

December bean oil was up 80 points at 51.53 cents in late
trading today. Prices were nearer the session high and saw
short covering and bargain hunting after hitting a 3.5-
month low on Wednesday. The key “outside markets” were
fully bullish for the bean oil market today, as the U.S.
dollar index was sharply lower and crude oil prices were
sharply higher. Bean oil bears still have the overall near-
term technical advantage. Prices are in a steep four-week-
old downtrend on the daily bar chart. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at this
week’s high of 52.65 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 50.00 cents. First
resistance is seen at today’s high of 51.78 cents and then
at 52.00 cents. First support is seen at 51.00 cents and
then at today’s low of 50.61 cents. Wyckoff's Market
Rating: 3.0

December Chicago SRW wheat was down 2 3/4 cents at $8.70
1/4 in late trading today. Prices were nearer the session
low. The key “outside markets” were fully bullish for the
wheat market today, as the U.S. dollar index was sharply
lower and crude oil prices were sharply higher. Yet, wheat
could muster no gains, which is a bearish clue. Prices
remain in a choppy and sideways trading range at higher
price levels. My bias is still that this market has put in
a major top. Wheat bulls still have the slight overall
near-term technical advantage. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at last week’s high of
$9.07 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at last week’s low of $8.49
1/4. First resistance is seen at today’s high of $8.82 3/4
and then at $8.90. First support lies at this week’s low of
$8.58 and then at last week’s low of $8.49 1/4. Wyckoff's
Market Rating: 5.5.

December K.C. HRW wheat was down 1/2 cent at $8.90 1/2 in
late trading today. Prices were nearer the session low
today. Trading remains in a choppy and sideways trading
range at higher price levels. The bulls still have the
slight overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $9.33 1/2. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at last week’s
low of $8.72 1/2. First resistance is seen at today’s high
of $9.01 and then at $9.08. First support is seen at this
week’s low of $8.77 3/4 and then at last week’s low of
$8.72 1/2. Wyckoff's Market Rating: 5.5

December oats were up 8 1/4 cents at $3.71 1/2 today in
late trading. Prices were nearer the session high and saw
short covering after prices on Wednesday hit a nine-week
low. Oats bulls and bears are now back on a level near-term
technical playing field. Prices have been trending lower
for the past month. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $3.57 3/4. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at last week’s high of $3.80
3/4. First support lies at $3.65 and then at today’s low of
$3.62. First resistance is seen at today’s high of $3.74
and then at $3.78. Wyckoff's Market Rating: 5.0

*. SOFTS: March sugar closed up 7 points at 21.65 cents
today. Prices closed nearer the session high today and hit
a fresh two-month high. The key “outside markets” were fully
bullish for the sugar market today, as the U.S. dollar
index was sharply lower and crude oil prices were sharply
higher. Sugar bulls have upside near-term technical
momentum and have the slight near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at 22.00
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at this
week’s low of 20.36 cents. First resistance is seen at
today’s high of 21.77 cents and then at 22.00 cents. First
support is seen at 21.25 cents and then at 21.08 cents.
Wyckoff's Market Rating: 5.5.

December coffee closed down 625 points at 174.80 cents.
Prices closed nearer the session low today. The key
“outside markets” were fully bullish for the coffee market
today, as the U.S. dollar index was sharply lower and crude
oil prices were sharply higher. Yet, coffee prices sold off
sharply, which is a bearish clue. Coffee bulls and bears
are now back on a level near-term technical playing field.
The next upside breakout objective for the bulls is to
close prices above solid technical resistance at this
week’s high of 185.45 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 167.65 cents a pound. First
resistance is seen at 177.50 cents and then at 180.00
cents. First support is seen at today’s low of 173.40 cents
and then at this week’s low of 172.15 cents. Wyckoff's
Market Rating: 5.0

December cocoa closed down $9 at $2,407 a ton. Prices
closed nearer the session low today and hit another fresh
six-week low. The key “outside markets” were fully bullish
for the cocoa market today, as the U.S. dollar index was
sharply lower and crude oil prices were sharply higher.
Yet, cocoa could make no gains, which is a bearish clue.
Cocoa bulls are fading. Prices are in a four-week-old
downtrend on the daily bar chart. 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 $2,595. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the August low of $2,364. First
resistance is seen at today’s high if $2,446 and then at
$2,479. First support is seen at today’s low of $2,386 and
then at $2,364. Wyckoff's Market Rating: 5.0

December cotton closed down 16 points at 72.00 cents today.
Prices closed nearer the session low today. The key
“outside markets” were fully bullish for the cotton market
today, as the U.S. dollar index was sharply lower and crude
oil prices were sharply higher. Yet, cotton could muster no
gains, which is a bearish clue for cotton. Cotton bears
have the near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at 75.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at the July low of 69.40 cents. First resistance is seen at
today’s high of 72.65 cents and then at 73.00 cents. First
support is seen at 71.00 cents and then at this week’s low
of 70.22 cents. Wyckoff's Market Rating: 4.0

November orange juice closed up 45 points at $1.1645 today.
Prices closed nearer the session high today in quieter
trading. Bears 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 $1.2250. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.1000. First resistance is
seen at $1.1830 and then at $1.2000. First support is seen
at $1.1415 and then at last week’s low of $1.1200.
Wyckoff's Market Rating: 4.0.

November lumber futures closed down $2.90 at $274.60 today.
Prices closed nearer the session low. Bulls and bears are
on a level near-term technical playing field, but the bulls
are fading. 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 $268.80. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $300.00. First resistance is seen at today’s high of
$277.70 and then at $280.00. First support is seen at
today’s low of $273.50 and then at $272.50. Wyckoff's
Market Rating: 5.0

*. METALS: December gold futures closed up $13.50 an ounce
at $1,793.60 today. Prices closed nearer the session high
today and hit another fresh seven-month high. The key
“outside markets” were fully bullish for gold today as the
U.S. dollar index was sharply lower and crude oil prices
were sharply higher. Gold bulls have the solid overall
near-term technical advantage. Prices are in a three-month-
old uptrend on the daily bar chart. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at the 2012 high of $1,800.90.
Bears' next near-term downside price objective is closing
prices below solid technical support at last week’s low of
$1,738.30. First resistance is seen at today’s high of
$1,797.70 and then at $1,800.90. First support is seen at
today’s low of $1,779.90 and then at $1,773.00. Wyckoff’s
Market Rating: 8.0

December silver futures closed up $0.029 an ounce at $34.98
today. Prices closed nearer the session high today and
closed at a fresh seven-month high close today. The key
“outside markets” were in a fully bullish posture for
silver today as the U.S. dollar index was sharply lower and
crude oil prices were sharply higher. Silver bulls are in
firm near-term technical command. Prices are in a 10-week-
old uptrend on the daily bar chart. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $36.00 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at last week’s low of $33.36.
First resistance is seen at today’s high of $35.17 and then
at this week’s high of $35.445. Next support is seen at
today’s low of $34.655 and then at this week’s low of
$34.21. Wyckoff's Market Rating: 8.0.

December N.Y. copper closed up 25 points at 378.65 cents
today. Prices closed near mid-range again today. The key
“outside markets” were in a fully bullish posture for
copper today as the U.S. dollar index was sharply lower and
crude oil prices were sharply higher. Copper bulls have the
overall near-term technical advantage. Prices are in a two-
month-old uptrend on the daily bar chart. Copper bulls'
next upside breakout objective is pushing and closing
prices above solid technical resistance at the September
high of 383.95 cents. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 364.00 cents. First resistance is seen
at 380.00 cents and then at this week’s high of 382.25
cents. First support is seen at 376.10 cents and then at
375.00 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: November crude oil closed up $3.53 a barrel at
$91.66 today. Prices closed near the session high today and
gained back most of Wednesday’s big losses. Some fresh
tensions in the Middle East today prompted short covering
and bargain hunting in the crude oil market. Bulls and
bears are now back on a level near-term technical playing
field. A three-week-old downtrend is still in place 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 this week’s high of
$93.33 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 $85.00. First resistance
is seen at $92.50 and then at $93.33. First support is seen
at $91.00 and then at $90.00. Wyckoff's Market Rating: 5.0

November heating oil closed up 1,115 points at $3.1768
today. Prices closed nearer the session high and hit a
fresh three-week high today. Bulls still have the overall
near-term technical advantage and regained upside momentum
today. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at the
September high of $3.2633. Bears' next downside price
breakout objective is producing a close below solid
technical support at $3.0000. First resistance lies at
today’s high of $3.1898 and then at $3.2147. First support
is seen at $3.1500 and then at $3.1250. Wyckoff's Market
Rating: 7.0.

November (RBOB) unleaded gasoline closed up 1,375 points at
$2.9375 today. Prices closed nearer the session high today
and closed at a fresh six-month high close. There were more
problems at U.S. refineries today that helped drive
gasoline futures sharply higher. Bulls have the solid
overall near-term technical advantage and regained upside
momentum today. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at the March high of $2.9884. Bears' next
downside price breakout objective is closing prices below
solid support at the September low of $2.7029. First
resistance is seen at $2.9884 and then at $3.0000. First
support is seen at $2.9000 and then at $2.8750. Wyckoff's
Market Rating: 7.5.

November natural gas closed up 1.6 cents at $3.411 today.
Prices closed near mid-range today. Bulls still have upside
near-term technical momentum and have the near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $3.70. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.25. First resistance is seen
at today’s high of $3.464 and then at $3.50. First support
is seen at $3.348 and then at $3.30. Wyckoff's Market
Rating: 6.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 117 points at 1.3026 today. Prices
closed nearer the session high today and hit a fresh two-
week high. The Euro bulls have the solid overall near-term
technical advantage and gained fresh upside momentum today.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at the
September high of 1.3183. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2768. First resistance for the Euro lies at
today’s high of 1.3041 and then at 1.3100. Next support is
seen at 1.2975 and then at today’s low of 1.2917. Wyckoff's
Market Rating: 7.0

The December Japanese yen closed up 4 points at 1.2745
today. Prices closed near mid-range today and hit another
fresh two-week low early on. Bulls still have the slight
overall near-term technical advantage but need to show
power soon. There is some stiff overhead resistance that
has stalled recent rallies and such appears to be the case
again. Bulls' next upside price breakout objective is
closing prices above solid resistance at the September high
of 1.2977. Bears' next downside breakout objective is
closing prices below solid technical support at the
September low of 1.2631. First resistance is seen at
today’s high of 1.2778 and then at 1.2809. First support is
seen at today’s low of 1.2710 and then at 1.2664. Wyckoff's
Market Rating: 5.5.

The December Swiss franc closed up 96 points at 1.0757
today. Prices closed nearer the session high and hit a
fresh two-week high today. The Swissy bulls have the
overall near-term technical advantage and gained fresh
upside momentum today. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the September high of 1.0838. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 1.0500. First
resistance is seen at today’s high of 1.0771 and then at
1.0800. First support is seen at 1.0700 and then at today’s
low of 1.0666. Wyckoff's Market Rating: 6.5.

The December Australian dollar closed up 43 points at
1.0181 today. Prices closed near mid-range and hit another
fresh four-week low today. The market did score a mildly
bullish “outside day” up on the daily bar chart. Bulls and
bears are on a level near-term technical playing field.
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 the September low of
1.0077. First resistance is seen at today’s high of 1.0213
and then at 1.0260. Next support is seen at today’s low of
1.0121 and then at 1.0100. Wyckoff's Market Rating: 5.0

The December Canadian dollar closed up 78 points at 1.0181
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. Prices have
been trending lower for three weeks, however. Bulls' next
upside price breakout objective is producing a close above
chart resistance at 1.0250. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0025. First resistance is seen
at this week’s high of 1.0189 and then at 1.0205. First
support is seen at 1.0150 and then at this week’s low of
1.0099. Wyckoff's Market Rating: 6.5.

The December British pound closed up 111 points at 1.6181
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage and regained
some upside momentum today. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the September high of 1.6304.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.6000. First
resistance is seen at today’s high of 1.6198 and then at
1.6250. First support is seen at 1.6100 and then at this
week’s low of 1.6063. Wyckoff's Market Rating: 7.0.

The December U.S. dollar index closed down 60 points at
79.46 today. Prices closed nearer the session low today.
The bears have the solid overall near-term technical
advantage and gained fresh downside momentum today. Prices
are in a 10-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at 80.60. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the
September low of 78.72. Next resistance lies at today’s
high of 80.00 and then at this week’s high of 80.25. First
support is seen at today’s low of 79.35 and then at 79.00.
Wyckoff's Market Rating: 2.5.

December U.S. T-Bonds closed down 31/32 at 148 23/32 today.
Prices closed near the session low and saw profit taking.
Prices also saw a mildly bearish downside breakout from the
recent sideways trading range. The bulls still have the
slight overall near-term technical advantage but did fade
today. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at the September low of 144 15/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the September high of
151 29/32. First resistance is seen at 149 even and then at
149 16/32. First support is seen at today’s low of 148
21/32 and then at 148 even. Wyckoff's Market Rating: 5.5.

December U.S. T Notes closed down 11.5 (32nds) at 133.12.0
today. Prices closed near the session low today and saw
profit taking. Bulls still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 134.00.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 132.24.0. First resistance is seen at
133.16.0 and then at today’s high of 133.24.5. First
support is seen at today’s low of 133.11.5 and then at
133.00.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today. Stock index bulls still have the
overall near-term technical advantage. At Thursday’s
monthly European Central Bank press conference, ECB
president Mario Draghi reiterated the ECB is prepared to
sop up the excess debt following treasury auctions of
stressed European Union countries. He also pledged full ECB
support for the Euro currency. Draghi’s comments boosted
the Euro currency, which in turn pressured the U.S. dollar
Thursday. At the monthly ECB meeting, the central bank kept
its interest rates unchanged. In other news Thursday, the
Bank of England left its interest rates unchanged, as
expected. China is on holiday this week, celebrating Golden
Week. On the geopolitical front, fresh violence in Syria
this week and rising tensions between Iran and Turkey
pushed the market place a just a bit more toward risk
aversion Thursday. Reports said Iranian and Turkish troops
were mobilizing near their shared border. There was also
protesting in Iran this week due to the severe devaluation
of the Iranian currency recently. The release Thursday
afternoon of the FOMC minutes from the last Fed meeting
contained no major surprises and did not significantly
impact the market place. Now, Friday’s important U.S. jobs
report is squarely in the sights of traders. The key non-
farm payrolls component of the jobs report is seen rising
by 118,000 in September.

The Nasdaq stock futures index closed up 14.25 at 2,822.25.
Prices closed nearer the session high again today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 2,900.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at the September low of 2,742.75.
First resistance is seen at today’s high of 2,830.00 and
then at 2,836.25. First support is seen at today’s low of
2,807.75 and then at 2,788.00. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed up 11.30 at 1,456.00.
Prices closed nearer the session high again today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the September high of 1,467.50.
The next downside price breakout objective for the bears is
closing prices below solid support at 1,395.40. First
resistance is seen at today’s high of 1,457.50 and then at
1,467.50. First support is seen at today’s low of 1,444.10
and then at this week’s low of 1,428.10. Wyckoff's Market
Rating: 8.0.

The Dow futures closed up 74 points at 13,500. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,750. 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 this week’s high of 13,525
and then at the September high of 13,580. First support is
seen at today’s low of 13,455 and then at 13,400. 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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