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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Tuesday Evening, July 3

Jul 05, 2012

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Copyright: 2012 Jim Wyckoff Enterprises. It is theft and a
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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: August live cattle closed up $0.20 at $119.47
today. Prices closed nearer the session high today. 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. Bulls still have some upside technical
momentum as a bullish double-bottom reversal pattern has
developed on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the June high of $121.50. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the June low of $115.40. First resistance is seen at
$120.00 and then at last week’s high of $120.55. First
support is seen at $119.00 and then at today’s low of
$118.65. Wyckoff's Market Rating: 4.5

August feeder cattle closed down $2.25 at $147.40 today.
Prices closed near the session low again today. More sharp
gains in corn futures today and drying pasture lands in
cattle country have once again put strong downside price
pressure on the feeders. Feeder cattle bears have the solid
overall 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
$151.47. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at last week’s low of $146.50. First resistance is
seen at $148.00 and then at today’s high of $148.50. First
support is seen at $147.00 and then at $146.50. Wyckoff's
Market Rating: 1.0

August lean hogs closed down $0.10 at $94.87 today. Prices
closed near the session high today. Prices Monday hit a
3.5-month high. Hog bulls have the near-term technical
advantage and still have some upside technical momentum.
The next upside price breakout objective for the hog bulls
is to push and close prices above solid chart resistance at
the April high of $95.15. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $91.00. First resistance is seen at
$95.15 and then at Monday’s high of $96.15. First support
is seen at today’s low of $94.30 and then at $94.00.
Wyckoff's Market Rating: 7.0

*. GRAINS: December corn futures closed up 18 3/4 cents at
$6.74 1/2 today. Prices closed near the session high today,
hit a fresh contract high and were boosted by the ongoing
major weather scare in the U.S. Corn Belt. The key "outside
markets" were also bullish for the corn market today as the
U.S. dollar index was weaker and crude oil prices were
sharply higher. Corn bulls are still technically strong.
More hot and dry weather is forecast right during the
critical pollination stage of growth for corn. Corn market
still bulls have the solid near-term technical advantage.
It is important for traders to remember that market tops is
weather markets usually come well before most expect. I
discuss this further in my bi-weekly newsletter which I
produced Tuesday. Make sure to read it. Corn bulls' next
upside price breakout objective is to push and close prices
above major psychological resistance at $7.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $6.50.
First resistance for December corn is seen at today’s
contract high of $6.76 and then at $6.80. First support is
seen at $6.70 and then at today’s low of $6.60 3/4.
Wyckoff's Market Rating: 9.0

November soybeans closed up 36 3/4 cents at $14.74 3/4 a
bushel today. Prices closed nearer the session high again
today and did hit a fresh contract and four-year high. The
key "outside markets" were also bullish for the bean market
today as the U.S. dollar index was weaker and crude oil
prices were sharply higher. The dry and hot weather in the
Corn Belt, and more in the forecast, is still very bullish
for beans. However, history shows that weather markets run
out of steam well before most traders think they will. Make
sure to read today’s bi-weekly newsletter. Bean bulls have
the strong overall near-term technical advantage. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above major
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $14.00.
First resistance is seen at today’s contract high of $14.78
and then at of $15.00. First support is seen at $14.55 3/4
and then at today’s low of $14.41 1/4. Wyckoff's Market
Rating: 9.0.

December soybean meal closed up $11.30 at $429.20 today.
Prices closed nearer the session high and hit a fresh
contract and four-year high today. Meal bulls have the
strong overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $450.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $407.50. First resistance comes in at
today’s contract high of $431.20 and then at $435.00. First
support is seen at $425.00 and then at $424.00. Wyckoff's
Market Rating: 9.0

December bean oil closed up 84 points at 53.88 cents today.
Prices closed near the session high today and hit a fresh
six-week high. 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
bulls have the overall near-term technical advantage. The
next upside price breakout objective for the bean oil bulls
is pushing and closing prices above solid technical
resistance at 55.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 51.50 cents. First
resistance is seen at 54.00 cents and then at 54.50 cents.
First support is seen at 53.50 cents and then at today’s
low of 53.11 cents. Wyckoff's Market Rating: 6.0

December Chicago SRW wheat closed up 23 cents at $8.13 3/4
today. Prices closed near the session high today and hit
another fresh 9.5-month high. The key "outside markets"
were also bullish for the wheat market today as the U.S.
dollar index was weaker and crude oil prices were sharply
higher. The wheat market is following corn and soybeans and
there are also some weather problems in some worldwide
wheat regions. Wheat bulls have the solid upside near-term
technical advantage. However, it’s still my bias that wheat
has become way over-extended on the upside and is near a
market top within the next week or so. Make sure to read
today’s bi-weekly newsletter. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $8.50 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $7.65. First resistance is seen at
today’s high of $8.15 and then at $8.25. First support lies
at $8.00 and then at today’s low of $7.90 3/4. Wyckoff's
Market Rating: 8.5.

December K.C. HRW wheat closed up 23 1/4 cents at $8.23 1/2
today. Prices closed near the session high again today and
hit a fresh 9.5-month high. Bulls have good upside near-
term technical momentum and have the solid overall near-
term technical advantage. But my bias is that this market
is not far from a major top. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $8.50. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $7.80. First resistance is
seen at today’s high of $8.26 1/4 and then at $8.35. First
support is seen at $8.05 1/2 and then at $8.00. Wyckoff's
Market Rating: 8.5

December oats closed up 2 3/4 cents at $3.56 3/4 today.
Prices hit a fresh 9.5-month high today and closed nearer
the session low. Oats are following the major grains on a
bull run. 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 $3.35. 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 $3.54 1/4 and then at $3.50. First
resistance is seen at $3.60 and then at today’s high of
$3.64. Wyckoff's Market Rating: 8.0

*. SOFTS: October sugar closed up 61 points at 22.01 cents
today. Prices closed near the session high today and hit a
fresh nine-week high. 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.
Prices are in a four-week-old uptrend on the daily bar
chart. Bulls have gained good upside technical momentum
recently and have the near-term technical advantage. Bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at 23.00 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 20.50
cents. First resistance is seen at today’s high of 22.05
cents and then at 22.25 cents. First support is seen at
21.59 cents and then at today’s low of 21.43 cents.
Wyckoff's Market Rating: 6.0.

September coffee closed up 535 points at 179.95 cents.
Prices closed nearer the session high today and hit another
fresh five-week high. The key "outside markets" were
bullish for the coffee market today as the U.S. dollar
index was weaker and crude oil prices were sharply higher.
The bulls now have the slight overall near-term technical
advantage as it appears a major low is now in place. The
coffee bulls' next upside breakout objective is to close
prices above solid technical resistance at 187.50 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 165.00
cents a pound. First resistance is seen at today’s high of
181.40 cents and then at 185.00 cents. First support is
seen at 177.50 cents and then at 175.00 cents. Wyckoff's
Market Rating: 5.5

September cocoa closed up $41 at $2,331 a ton. Prices
closed near mid-range today and hit a fresh seven-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 have regained
the near-term technical advantage as the bulls have upside
momentum on their side. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the May high of $2,372.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,200. First resistance is seen at today’s high of $2,358
and then at $2,372. First support is seen at $2,300 and
then at $2,271. Wyckoff's Market Rating: 6.0

December cotton closed up 58 points at 72.60 cents today.
Prices closed near the session high today on more short
covering in a bear market. 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.
The cotton bears still have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at the June high of 74.80 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the June low of 64.61 cents. First resistance is seen at
73.50 cents and then at 74.00 cents. First support is seen
at 72.00 cents and then at today’s low of 71.00 cents.
Wyckoff's Market Rating: 3.5

September orange juice closed up 350 points at $1.2085
today. Prices closed nearer the session high. 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 have the overall near-term
technical advantage. However, this market may be "basing"
at lower price levels, which means a market low may be in
place. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at $1.2500. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the June low of $1.0765. First
resistance is seen at today’s high of $1.2285 and then at
$1.2500. First support is seen at today’s low of $1.1700
and then at this week’s low of $1.1450. Wyckoff's Market
Rating: 3.5.

September lumber futures closed up $1.90 at $272.80 today.
Prices closed near the session low. Bears still have the
overall near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
the June low of $257.40. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $280.00. First resistance is
seen at today’s high of $276.10 and then at $278.00. First
support is seen at $272.00 and then at $270.00. Wyckoff's
Market Rating: 4.0

*. METALS: August gold futures closed up $24.40 an ounce at
$1,622.10 today. Prices closed nearer the session high
today and scored a fresh two-week high as the bulls gained
some more fresh upside technical momentum. The key "outside
markets" were bullish for gold today as the U.S. dollar
index was lower and crude oil prices were sharply higher.
The gold market bulls have regained the slight near-term
technical advantage. The gold bulls’ next upside price
breakout objective is to produce a close above solid
technical resistance at the June high of $1,642.40. Bears'
next near-term downside price objective is closing prices
below solid technical support at last week’s low of
$1,547.60. First resistance is seen at today’s high of
$1,625.70 and then at $1,635.40. First support is seen at
$1,607.80 and then at $1,600.00. Wyckoff’s Market Rating:
5.5

September silver futures closed up $0.0781 an ounce at
$28.28 today. Prices closed nearer the session high today
and hit a fresh two-week high on short covering and bargain
hunting. The key "outside markets" were bullish for silver
today as the U.S. dollar index was lower and crude oil
prices were sharply higher. Silver bears still have the
overall near-term technical advantage. Prices are still in
a four-month-old downtrend on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $29.135 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of $26.105. First resistance is seen at today’s high of
$28.445 and then at $29.00. Next support is seen at $28.00
and then at today’s low of $27.39. Wyckoff's Market Rating:
4.0.

September N.Y. copper closed up 700 points 353.90 cents
today. Prices closed nearer the session high today and hit
a fresh six-week high. The key "outside markets" were
bullish for copper today as the U.S. dollar index was lower
and crude oil prices were sharply higher. Copper bulls have
gained good upside technical momentum. Copper bulls have
regained the near-term technical advantage. Copper bulls'
next upside breakout objective is pushing and closing
prices above solid technical resistance at 362.50 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the June
low of 325.00 cents. First resistance is seen at today’s
high of 355.65 cents and then at 359.00 cents. First
support is seen at 350.00 cents and then at today’s low of
346.30 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: August crude oil closed up $3.79 a barrel at
$87.53 today. Prices closed near the session high and hit a
fresh four-week high today on bargain hunting and fresh
saber-rattling from Iran. Recent price action is a solid
clue that a market low in crude oil is in place. The weaker
U.S. dollar index today also put upside price pressure on
crude oil. The crude bears still have the overall near-term
technical advantage. 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 $82.00. First resistance is seen at
today’s high of $88.04 and then at $89.00. First support is
seen at $87.00 and then at $86.00. Wyckoff's Market Rating:
4.0

August heating oil closed up 801 points at $2.7560 today.
Prices closed near the session high and hit a fresh four-
week high today. Bears still have the overall near-term
technical advantage, but a market low is likely now in
place, or close to it. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $2.8500. Bears' next downside price breakout
objective is producing a close below solid technical
support at the June low of $2.5084. First resistance lies
at today’s high of $2.7625 and then at $2.8000. First
support is seen at $2.7172 and then at $2.7000. Wyckoff's
Market Rating: 3.5.

August (RBOB) unleaded gasoline closed up 975 points at
$2.7214 today. Prices closed near the session high and hit
a fresh four-week high today. Bears still have the overall
near-term technical advantage but it appears a market
bottom is now in place. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $2.8500. Bears' next downside price
breakout objective is closing prices below solid support at
$2.5500. First resistance is seen at today’s high of
$2.7317 and then at $2.7500. First support is seen at
$2.7000 and then at $2.6750. Wyckoff's Market Rating: 4.0.

August natural gas closed up 6.8 cents at $2.892 today.
Prices closed near the session high today and closed at a
fresh four-month high close. Bulls have gained good upside
near-term technical momentum. Prices are in a three-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 last week’s high of $2.975.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $2.55.
First resistance is seen at today’s high of $2.902 and then
at $2.975. First support is seen at today’s low of $2.786
and then at $2.72. Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 26 points at 1.2619 today. Prices closed
nearer the session high today in quieter trading. Short
covering was featured. The Euro bears still have the
overall near-term technical advantage. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the June high of
1.2759. The next downside price breakout objective for the
bears is closing prices below solid chart support at the
June low of 1.2298. First resistance for the Euro lies at
today’s high of 1.2639 and then at this week’s high of
1.2682. Next support is seen at today’s low of 1.2570 and
then at 1.2500. Wyckoff's Market Rating: 3.5

The September Japanese yen closed down 58 points at 1.2538
today. Prices closed nearer the session low today. Bulls
are on a level near-term technical playing field with the
bears. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2737. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.2300. First resistance is seen
at this week’s high of 1.2624 and then at last week’s high
of 1.2653. First support is seen at this week’s low of
1.2516 and then at 1.2500. Wyckoff's Market Rating: 5.0.

The September Swiss franc closed up 21 points at 1.0518
today. Prices closed nearer the session high today. The
bears still have the overall near-term technical advantage
in the Swissy. The next upside price breakout objective for
the bulls is closing prices above solid resistance at
1.0684. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the June low of 1.0280. First resistance is seen at this
week’s high of 1.0566 and then at last week’s high of
1.0588. First support is seen at today’s low of 1.0476 and
then at 1.0450. Wyckoff's Market Rating: 3.0.

The September Australian dollar closed up 20 points at
1.0209 today. Prices closed nearer the session high today
and hit another fresh two-month high. Bulls have the near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the April high of 1.0325. The next downside breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of .9894. First
resistance is seen at today’s high of 1.0224 and then at
1.0300. Next support is seen at this week’s low of 1.0141
and then at 1.0100. Wyckoff's Market Rating: 6.0

The September Canadian dollar closed up 42 points at .9861
today. Prices closed near the session high today and hit
another fresh six-week high. Bulls gained the slight near-
term technical advantage today. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9925. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of .9632. First
resistance is seen at today’s high of .9865 and then at
.9900. First support is seen at today’s low of .9813 and
then at this week’s low of .9786. Wyckoff's Market Rating:
5.5.

The September British pound closed steady at 1.5689 today.
Prices closed near mid-range 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 technical resistance at the June high of
1.5773. Bears' next downside technical breakout objective
is closing prices below solid support at last week’s low of
1.5481. First resistance is seen at this week’s high of
1.5720 and then at 1.5772. First support is seen at this
week’s low of 1.5638 and then at 1.5600. Wyckoff's Market
Rating: 5.0.

The September U.S. dollar index closed down 13 points at
81.87 today. Prices closed near the session low today.
Greenback bulls are fading and need to show fresh power
soon. Bulls do still have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at last
week’s high of 83.07. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the June low of 81.39. Next resistance
lies at today’s high of 82.14 and then at 82.50. First
support is seen at last week’s low of 81.75 and then at
81.50. Wyckoff's Market Rating: 6.0.

September U.S. T-Bonds closed down 1 3/32 at 148 16/32
today. Prices closed nearer the session low on profit
taking. Trading has turned choppy and sideways. Bulls still
have the overall near-term technical advantage. Prices are
in a 3.5-month-old uptrend on the daily bar chart. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 146 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
contract high of 152 19/32. First resistance is seen at 149
even and then at today’s high of 149 17/32. First support
is seen at today’s low of 148 10/32 and then at 148 even.
Wyckoff's Market Rating: 7.0.

September U.S. T Notes closed down 12.5 (32nds) at 133.20.0
today. Prices closed nearer the session low on profit
taking after hitting a four-week high on Monday. Bulls
still have the solid overall near-term technical advantage.
Prices are in a 3.5-month-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
contract high of 134.30.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 132.16.0. First resistance is seen at
134.00.0 and then at this week’s high of 134.07.5. First
support is seen at 133.16.0 and then at this week’s low of
133.09.5. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today in quieter, pre-holiday trading. The stock
index bulls have regained fresh upside near-term technical
momentum. The market place is now awaiting the European
Central Bank meeting on Thursday. Many market watchers are
expecting further easing of EU monetary policy soon. Such
would be at least initially bullish for the raw commodity
markets, including the stock indexes. European stocks were
firmer Tuesday on the EU rate-cut hopes. Tuesday’s EU
producer price data showed Euro zone inflation slowed to
its lowest rate in two years, which further stoked hopes
for an imminent ECB rate cut. Traders are also awaiting
Friday morning’s U.S. jobs report. It’s likely to be a
quieter end to the trading week, as the U.S. Independence
Day holiday Wednesday has many traders opting to take the
entire week off.

The Nasdaq stock futures index closed up 27.25 at 2,641.50.
Prices closed near the session high today and hit a fresh
six-week high. 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 last week’s low of
2,503.50. First resistance is seen at today’s high of
2,642.50 and then at 2,650.00. First support is seen at
today’s low of 2,613.50 and then at this week’s low of
2,599.50. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 10.40 at 1,368.00.
Prices closed near the session high today and hit another
fresh seven-week high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,375.00. The next downside price breakout objective for
the bears is closing prices below solid support at last
week’s low of 1,302.70. First resistance is seen at today’s
high of 1,369.30 and then at 1,375.00. First support is
seen at this week’s low of 1,349.70 and then at 1,341.00.
Wyckoff's Market Rating: 6.0.

The Dow futures closed up 91 points at 12,867 today. Prices
closed near the session high today and hit a fresh seven-
week high. The next upside price objective for the bulls is
closing prices above solid technical resistance at 13,000.
The next downside price objective for the bears is closing
prices below solid technical support at 12,300. First
resistance in the Dow lies at today’s high of 12,872 and
then at 12,900. First support is seen at today’s low of
12,800 and then at this week’s low of 12,730. Wyckoff's
Market Rating: 6.0.

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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