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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--September 11

Sep 12, 2012

Tuesday Evening, September 11-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: October live cattle closed up $1.35 at
$127.10 today. Prices closed nearer the session high today
and hit a fresh five-month high. The key “outside markets”
were bullish for cattle today, as the U.S. dollar index was
lower and crude oil prices were firmer. Cattle bulls still
have the overall near-term technical advantage and gained
some more upside momentum today. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $129.00. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $125.00.
First resistance is seen at today’s high of $127.30 and
then at $128.00. First support is seen at $126.50 and then
at today’s low of $125.95. Wyckoff's Market Rating: 6.0

October feeder cattle closed down $0.22 at $146.35 today.
Prices closed near the session low on mild profit taking.
Feeder cattle bulls still have the near-term technical
advantage. Prices are still in a seven-week-old uptrend on
the daily bar chart. The next upside price breakout
objective for the feeder bulls is to push and close prices
above solid technical resistance at 150.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $144.00.
First resistance is seen at today’s high of $147.30 and
then at last week’s high of $147.80. First support is seen
at $146.00 and then at last week’s low of $145.40.
Wyckoff's Market Rating: 6.0

October lean hogs closed up $0.15 at $72.72 today. Prices
closed nearer the session high today and saw tepid short
covering in a bear market after prices last Friday hit a
contract low. Bears still 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 last week’s high of $75.20.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $70.00.
First resistance is seen at $73.00 and then at $73.50.
First support is seen at today’s low of $72.17 and then at
this week’s low of $71.30. Wyckoff's Market Rating: 2.0

*. GRAINS: December corn futures were down 6 cents at $7.77
in late trading today. Prices were nearer the session low
and hit another fresh six-week low today. Profit taking was
featured. The key “outside markets” were bullish for corn
today, as the U.S. dollar index was lower and crude oil
prices were firmer. Yet, corn sold off, which is a bearish
clue. The corn bulls do still have the overall near-term
technical advantage, but are fading amid seasonal harvest
pressure. Prices have been trending lower four the past
four weeks. Traders are now awaiting Wednesday morning’s
monthly USDA supply and demand report. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at $8.20. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at $7.50.
First resistance for December corn is seen at today’s high
of $7.88 1/2 and then at $8.00. First support is seen at
today’s low of $7.75 1/4 and then at $7.70. Wyckoff's
Market Rating: 7.0

November soybeans were down 17 cents at $17.01 a bushel in
late trading today. Prices were nearer the session low and
hit a fresh three-week low. Profit taking and position
evening were featured. The key “outside markets” were
bullish for soybeans today, as the U.S. dollar index was
lower and crude oil prices were firmer. Yet, soybeans sold
off, which is a bearish clue. Soybean bulls still have the
overall near-term technical advantage but are fading a bit.
Traders are awaiting Wednesday morning’s monthly USDA
supply and demand report. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing November prices above solid resistance
at the contract high of $17.89 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the July
high of $16.91 1/2. First resistance is seen at $17.16 and
then at today’s high of $17.29. First support is seen at
today’s low of $16.98 3/4 and then at $16.91 1/2. Wyckoff's
Market Rating: 7.5.

December soybean meal was down $4.10 at $515.30 in late
trading today. Prices were near the session low and hit a
fresh two-week low. Meal bulls still have the overall near-
term technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at the contract high of
$541.80. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $510.00. First resistance comes in at $520.00
and then at today’s high of $522.30. First support is seen
at today’s low of $515.00 and then at $512.50. Wyckoff's
Market Rating: 8.0

December bean oil was down 75 points at 55.81 cents in late
trading today. Prices were near the session low and hit a
fresh three-week low. Bean oil bulls still have the overall
near-term technical advantage, but are now fading. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at last week’s high of 58.60 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 54.50
cents. First resistance is seen at 56.00 cents and then at
56.50 cents. First support is seen at today’s low of 55.80
cents and then at 55.50 cents. Wyckoff's Market Rating: 6.5

December Chicago SRW wheat was down 5 3/4 cents at $8.84 in
late trading today. Prices were nearer the session low. The
key “outside markets” were bullish for wheat today, as the
U.S. dollar index was lower and crude oil prices were
firmer. Yet, the wheat market sold off, which is a bearish
clue. Wheat bulls still have the overall near-term
technical advantage. Traders are now awaiting Wednesday
morning’s monthly USDA supply and demand report. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$9.26 1/4 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at the August
low of $8.57 1/4. First resistance is seen at $9.00 and
then at this week’s high of $9.17 1/2. First support lies
at $8.75 and then at last week’s low of $8.65 1/4.
Wyckoff's Market Rating: 6.5.

December K.C. HRW wheat was down 1 3/4 cents at $9.03 in
late trading today. Prices were nearer the session low. The
bulls still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $9.36
1/2. The bears' next downside breakout objective is pushing
and closing prices below solid technical support at the
August low of $8.74 1/4. First resistance is seen at
today’s high of $9.14 and then at $9.20. First support is
seen at today’s low of $9.00 and then at last week’s low of
$8.85 1/4. Wyckoff's Market Rating: 6.5

December oats were down 3/4 cent at $3.87 1/4 today in late
trading. Prices were near mid-range. Oats bulls have the
solid overall near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.75. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the contract
high of $4.14. First support lies at this week’s low of
$3.83 and then at $3.80. First resistance is seen at $3.90
and then at $3.91. Wyckoff's Market Rating: 7.5

*. SOFTS: October sugar closed steady at 19.43 cents today.
Prices closed near mid-range today. The key “outside
markets” were bullish for sugar today, as the U.S. dollar
index was lower and crude oil prices were firmer. Yet,
sugar prices could not rally, which is a bearish clue.
Sugar bears still have the solid overall near-term
technical advantage. There are no early clues to suggest a
market bottom is close at hand. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 20.39 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 this week’s high of 19.74 cents and then at 20.00
cents. First support is seen at today’s low of 19.30 cents
and then at 19.00 cents. Wyckoff's Market Rating: 2.0.

December coffee closed up 300 points at 176.65 cents.
Prices closed near mid-range today and hit another fresh
four-week high. The key “outside markets” were bullish for
coffee today, as the U.S. dollar index was lower and crude
oil prices were firmer. More short covering and bargain
hunting buying were featured today. Bulls have suddenly
gained fresh upside technical momentum. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 185.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 169.10 cents a
pound. First resistance is seen at today’s high of 180.00
cents and then at 182.50 cents. First support is seen at
175.00 cents and then at today’s low of 173.10 cents.
Wyckoff's Market Rating: 5.0

December cocoa closed down $23 at $2,630 a ton. Prices
closed near mid-range today and saw more mild profit taking
after prices last week hit a 10-month high. Cocoa bulls
still have the solid 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 $2,750. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at last week’s low of $2,531. First
resistance is seen at today’s high of $2,679 and then at
last week’s high of $2,707. First support is seen at $2,600
and then at this week’s low of $2,582. Wyckoff's Market
Rating: 7.5

December cotton closed down 70 points at 74.93 cents today.
Prices closed near the session low today. The key “outside
markets” were bullish for cotton today, as the U.S. dollar
index was lower and crude oil prices were firmer. Yet,
cotton sold off a bit, which is a bit bearish for cotton.
Still, cotton bulls have the slight near-term technical
advantage, but need to show more power soon. Prices are in
a three-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the August high
of 77.49 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at 73.30 cents. First resistance is
seen at 76.00 cents and then at this week’s high of 76.60
cents and then at last week’s high of 77.29 cents. First
support is seen at 74.72 cents and then at 74.00 cents.
Wyckoff's Market Rating: 5.5

November orange juice closed down 275 points at $1.2410
today. Prices closed near the session low today and saw
more profit taking. The key “outside markets” were bullish
for FCOJ today, as the U.S. dollar index was lower and
crude oil prices were firmer. Yet, prices sold off, which
is a bearish clue. FCOJ bulls still have the overall near-
term technical advantage. Traders will continue to watch
for any fresh storms brewing in the Atlantic. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
this week’s high of $1.3030. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.1500. First resistance
is seen at $1.2700 and then at today’s high of $1.2800.
First support is seen at $1.2360 and then at $1.2030.
Wyckoff's Market Rating: 6.0.

November lumber futures closed up $2.30 at $275.50 today.
Prices closed nearer the session high and saw short
covering in a bear market. Prices Monday hit a two-month
low. Bears still have the near-term technical advantage.
Prices are in a steep four-week-old downtrend on the daily
bar chart. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $260.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $287.50. First
resistance is seen at $277.50 and then at $280.00. First
support is seen at today’s low of $274.00 and then at this
week’s low of $270.60. Wyckoff's Market Rating: 3.5

*. METALS: December gold futures closed up $3.70 an ounce
at $1,735.50 today. Prices closed near mid-range. The key
“outside markets” were in a bullish posture for gold today
as the U.S. dollar index was lower and crude oil prices
were firmer. The market is consolidating this week after
last week’s big gains. Gold prices are still in a two-
month-old uptrend on the daily bar chart. The gold market
bulls have the solid overall near-term technical advantage.
The gold bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at
$1,750.00. Bears' next near-term downside price objective
is closing prices below psychological support at $1,700.00.
First resistance is seen at last week’s high of $1,745.40
and then at $1,750.00. First support is seen at this week’s
low of $1,727.00 and then at $1,720.00. Wyckoff’s Market
Rating: 7.5

December silver futures closed down $0.068 an ounce at
$33.565 today. Prices closed near mid-range today and saw
mild profit taking after prices Monday hit a five-month
high. Mild profit taking and a corrective pullback were
featured today. The key “outside markets” were in a bullish
posture for silver today as the U.S. dollar index was lower
and crude oil prices were firmer. That did limit selling
interest in silver today. Silver bulls are still in firm
near-term technical command. Prices are in a six-week-old
uptrend on the daily bar chart. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $35.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $32.00. First resistance is seen
at this week’s high of $34.02 and then at $34.415. Next
support is seen at this week’s low of $33.285 and then at
$33.00. Wyckoff's Market Rating: 7.5.

December N.Y. copper closed up 55 points at 369.50 cents
today. Prices closed nearer the session high today and hit
another fresh four-month high. The key “outside markets”
were in a bullish posture for copper today as the U.S.
dollar index was lower and crude oil prices were firmer.
Copper bulls have the near-term technical advantage and
have gained good upside technical momentum recently. Prices
are in a five-week-old uptrend on the daily bar chart.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 380.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
350.00 cents. First resistance is seen at today’s high of
371.25 cents and then at 372.50 cents. First support is
seen at 367.50 cents and then at today’s low of 364.85
cents. Wyckoff's Market Rating: 7.0.

*. ENERGIES: October crude oil closed up $0.41 a barrel at
$96.95 today. Prices closed nearer the session high today
and closed at a fresh two-week high close. Crude oil bulls
have the overall near-term technical advantage. A two-
month-old price uptrend is still in place on the daily bar
chart, but just barely. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at the August high
of $98.29 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 $92.00. First
resistance is seen at last week’s high of $97.71 and then
at $99.29. First support is seen at today’s low of $96.08
and then at this week’s low of $95.34. Wyckoff's Market
Rating: 6.0

October heating oil closed up 202 points at $3.1870 today.
Prices closed nearer the session high today. Bulls have the
solid overall near-term technical advantage. Prices are in
a 10-week-old uptrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $3.3000. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0800. First resistance
lies at last week’s high of $3.2160 and then at $2.2500.
First support is seen at today’s low of $3.1550 and then at
last week’s low of $3.1104. Wyckoff's Market Rating: 7.5.

October (RBOB) unleaded gasoline closed up 205 points at
$3.0445 today. Prices closed nearer the session high and
closed at a fresh five-month high close again today. Bulls
have the solid overall near-term technical advantage.
Prices are in a nine-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
$3.1000. Bears' next downside price breakout objective is
closing prices below solid support at $2.8500. First
resistance is seen at last week’s high of $3.0541 and then
at $3.0750. First support is seen at today’s low of $3.0182
and then at $3.0000. Wyckoff's Market Rating: 7.5.

October natural gas closed up 18.5cents at $2.997 today.
Prices closed near the session high again today and hit a
fresh four-week high. Bulls gained fresh upside near-term
technical momentum today and now have the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $3.135. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the August low of $2.61. First
resistance is seen at today’s high of $3.004 and then at
$3.05. First support is seen at $2.95 and then at $2.91.
Wyckoff's Market Rating: 5.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 85 points at 1.2867 today. Prices closed
nearer the session high and hit a fresh four-month high
today. The Euro bulls still have the overall near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3000. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2500. First resistance for
the Euro lies at today’s high of 1.2883 and then at 1.2900.
Next support is seen at 1.2800 and then at this week’s low
of 1.2768. Wyckoff's Market Rating: 6.5

The December Japanese yen closed up 84 points at 1.2874
today. Prices closed nearer the session high today and hit
a fresh 13-week high. Bulls have the overall near-term
technical advantage and gained more upside momentum today.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the June high of 1.2920.
Bears' next downside breakout objective is closing prices
below solid technical support at last week’s low of 1.2664.
First resistance is seen at today’s high of 1.2880 and then
at 1.2900. First support is seen at 1.2850 and then at
1.2825. Wyckoff's Market Rating: 7.0.

The December Swiss franc closed up 85 points at 1.0666
today. Prices closed nearer the session high today and
hit a fresh nearly three-month high. The Swissy bulls have
the solid overall near-term technical advantage and gained
more upside momentum today. Prices are in a seven-week-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the June high of 1.0730. 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 1.0678 and then at
1.0700. First support is seen at 1.0614 and then at today’s
low of 1.0582. Wyckoff's Market Rating: 7.0.

The December Australian dollar closed up 90 points at
1.0339 today. Prices closed nearer the session high. Bulls
are regaining upside near-term technical momentum and now
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0430. The next downside
breakout objective for the bears is to produce a close
below solid technical support at last week’s low of 1.0077.
First resistance is seen at today’s high of 1.0359 and then
at 1.0400. Next support is seen at 1.0300 and then at
today’s low of 1.0234. Wyckoff's Market Rating: 5.5

The December Canadian dollar closed up 45 points at 1.0253
today. Prices closed nearer the session high today and hit
another fresh 13-month high. Bulls have the solid overall
near-term technical advantage. Prices are in a three-month-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is producing a close above chart
resistance at 1.0400. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0100. First resistance is seen at
today’s high of 1.0273 and then at 1.0300. First support is
seen at today’s low of 1.0196 and then at 1.0147. Wyckoff's
Market Rating: 8.5.

The December British pound closed up 71 points at 1.6066
today. Prices closed nearer the session high and hit
another 3.5-month high today. Bulls have the solid overall
near-term technical advantage. Prices are in a two-month-
old uptrend on the daily chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at 1.6200. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5900. First resistance is seen at today’s high
of 1.6077 and then at 1.6150. First support is seen at
1.6000 and then at this week’s low of 1.5955 and then at
1.5900. Wyckoff's Market Rating: 7.5.

The December U.S. dollar index closed down 52 points at
80.00 today. Prices closed near the session low and hit
another fresh four-month low today. The 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 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 79.00. Next
resistance lies at this week’s high of 80.59 and then at
81.00. First support is seen at today’s low of 79.93 and
then at 79.75. Wyckoff's Market Rating: 3.0.

December U.S. T-Bonds closed down 5/32 at 148 23/32 today.
Prices closed nearer the session low. Bulls do still have
the overall near-term technical advantage. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at the August
low of 145 23/32. The next upside technical objective for
the bulls is to produce a close above solid technical
resistance at last week’s high of 151 29/32. First
resistance is seen at today’s high of 149 19/32 and then at
150 even. First support is seen at today’s low of 148 19/32
and then at last week’s low of 148 10/32. Wyckoff's Market
Rating: 6.0.

December U.S. T Notes closed down 2.5 (32nds) at 132.25.0
today. Prices closed nearer the session low today. 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 133.26.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.100.0. 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 132.23.0 and then at 132.20.5. Wyckoff's
Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. Stock index bulls still have the
overall near-term technical advantage. Focus of the market
place is on this week’s meeting of the Federal Open Market
Committee of the U.S. Federal Reserve, and also on a German
constitutional court ruling Wednesday on the validity of
the European Stability Mechanism. There was a last-minute
effort on Tuesday by some EU politicians to delay the court
ruling, but those efforts quickly failed and the ruling
will occur Wednesday. The market place expects the German
court to uphold the ESM measures. Dutch elections are also
slated for Wednesday. The FOMC meeting starts on Wednesday
and ends on Thursday with Fed Chairman Bernanke holding a
press conference. Last week’s downbeat U.S. jobs report
likely opened the door wider for a fresh U.S. monetary
stimulus announcement by the FOMC. Such would be at least
initially bullish for the stock and commodity markets. In
overnight news, Asian and European stock markets were
weaker but quiet ahead of the FOMC meeting and German court
ruling. Spanish and Italian bond yields have inched up this
week, but are still near multi-month lows and well below
6%.

The Nasdaq stock futures index closed down 5.25 at
2,788.00. Prices closed nearer the session low. 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 2,700.00. First resistance is seen at
2,800.00 and then at this week’s high of 2,823.75. First
support is seen at 2,766.50 and then at last week’s low of
2,742.75. Wyckoff's Market Rating: 7.5

The S&P 500 futures index closed up 4.20 at 1,430.60.
Prices closed near mid-range. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1,500.00. The next downside price breakout objective for
the bears is closing prices below solid support at
1,395.40. First resistance is seen at last week’s high of
1,438.50 and then at 1,450.00. First support is seen at
1,415.00 and then at 1,403.50. Wyckoff's Market Rating:
7.5.

The Dow futures closed up 56 points at 13,293. Prices
closed near mid-range and did hit another fresh four-year
high early on. The next upside price objective for the
bulls is closing prices above solid technical resistance at
13,500. The next downside price objective for the bears is
closing prices below solid technical support at the August
low of 12,730. First resistance in the Dow lies at today’s
high of 13,350 and then at 13,400. First support is seen at
today’s low of 13,265 and then at this week’s low of
13,237. Wyckoff's Market Rating: 7.5.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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