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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Jan. 22

Jan 23, 2013

Tuesday Evening, January 22-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: April live cattle closed up $1.07 at $130.90
today. Prices closed nearer the session high today and saw
short covering in a bear market. The key “outside markets”
were in a bullish posture for the cattle market today as
the U.S. dollar index was lower and crude oil prices were
higher. Prices on Friday slumped to a fresh 6.5-month low.
Cash cattle market fundamentals have deteriorated recently.
The cattle bears still have the overall near-term technical
advantage. A steep four-week-old downtrend is in place on
the daily bar chart. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $132.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the June low of $127.55. First
resistance is seen at today’s high of $131.05 and then at
$131.50. First support is seen at $130.00 and then at last
week’s low of $129.45. Wyckoff's Market Rating: 3.0

March feeder cattle closed up $0.65 at $147.00 today.
Prices closed nearer the session low again today on short
covering in a bear market. Prices Friday and hit a fresh
contract low. The feeder bears have the solid near-term
technical advantage. Prices are in a steep three-week-old
downtrend 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 $147.50 and then at
$148.00. First support is seen at $146.47 and then at
146.00. Wyckoff's Market Rating: 1.5

April lean hogs closed up $0.17 at $88.25 today. Prices
closed nearer the session high today and saw some tepid
short covering. The key “outside markets” were in a bullish
posture for the hog market today as the U.S. dollar index
was lower and crude oil prices were higher. Big losses in
the cattle futures markets have limited buying interest in
hogs just recently. The hog bears have the overall near-
term technical advantage. Prices are in a choppy two-month-
old downtrend 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 $89.50. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at last week’s low of
$86.90. First resistance is seen at last week’s high of
$88.65 and then at $89.00. First support is seen at $87.50
and then at $86.90. Wyckoff's Market Rating: 4.0

*. GRAINS: March corn futures last traded up 2 1/2 cents at
$7.30 today in late trading. Prices were near mid-range and
hovering near a four-week high. The key “outside markets”
were in a bullish posture for the corn market today as the
U.S. dollar index was lower and crude oil prices were
higher. Bulls have gained some upside near-term technical
momentum recently. There are early technical clues that a
near-term market low is in place. Bulls and bears are
presently on a level near-term technical playing field.
However, the bulls have more work to do in the near-term to
suggest a price uptrend can be sustained. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at $7.50. The next downside
price breakout objective for the bears is pushing and
closing prices below psychological support at $7.00. First
resistance for March corn is seen at last week’s high of
$7.35 and then at $7.40. First support is seen at $7.25 and
then at $7.20. Wyckoff's Market Rating: 5.0

March soybeans were up 27 1/4 cents at $14.56 3/4 a bushel
in late trading today. Prices were near the session high
and hit a fresh four-week high today. The key “outside
markets” were in a bullish posture for the soybean market
today as the U.S. dollar index was lower and crude oil
prices were higher. Dry weather in Argentina soybean
regions and recent good export demand for U.S. soybeans,
including from China, are bullish for the bean futures
market. Bulls have gained upside technical momentum to
suggest a market low is in place. A bullish double-bottom
reversal pattern has formed on the daily bar chart. Soybean
bulls and bears are now on a level near-term technical
playing field. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above psychological resistance at $15.00 a bushel.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the January low of $13.51 1/2. First resistance is seen at
today’s high of $14.60 3/4 and then at $14.70. First
support is seen at today’s low of $14.36 and then at
$14.25. Wyckoff's Market Rating: 5.0.

March soybean meal was up $7.30 at $421.70 today in late
trading. Prices were near mid-range and hit a fresh three-
week high on short covering and bargain hunting. Meal bulls
and bears are now back 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 $435.00. The next downside price breakout
objective for the bears is pushing and closing prices below
psychological support at $400.00. First resistance comes in
at today’s high of $425.30 and then at $430.00. First
support is seen at today’s low of $415.50 and then at
$411.60. Wyckoff's Market Rating: 5.0

March bean oil was up 88 points at 52.56 cents in late
trading today. Prices were nearer the session high and hit
a fresh three-month high today on more short covering and
bargain hunting. The key “outside markets” were in a
bullish posture for the bean oil market today as the U.S.
dollar index was lower and crude oil prices were higher.
Bean oil bulls have regained the near-term technical
advantage as a five-week-old uptrend is in place 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 53.31 cents. Bean oil bears'
next downside technical price breakout objective is pushing
and closing prices below major technical support at 50.00
cents. First resistance is seen at today’s high of 52.67
cents and then at 53.00 cents. First support is seen at
52.00 cents and then at 51.75 cents. Wyckoff's Market
Rating: 6.0

March Chicago SRW wheat was down 10 3/4 cents at $7.80 1/2
in late trading today. Prices were nearer the session low
after hitting a fresh four-week high early on today. Prices
also scored a bearish “outside day” down on the daily bar
chart today. Bulls faded a bit today and need to show fresh
power soon, but the losses were mainly a corrective
pullback from recent gains. Wheat bears 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 $8.25 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the January low of $7.36 1/4. First
resistance is seen at $7.90 and then at $8.00. First
support lies at today’s low of $7.76 and then at $7.66 1/2.
Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat was down 12 3/4 cents at $8.31 1/2 in
late trading today. Prices were near the session low and
scored a bearish “outside day” down on the daily bar chart.
Prices hit a fresh four-week high early on today. HRW bears
have the overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $8.75. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the January
low of $7.85 1/4. First resistance is seen at $8.41 and
then at today’s high of $8.52. First support is seen at
today’s low of $8.30 1/2 and then at $8.23. Wyckoff's
Market Rating: 4.0

March oats were up 6 cents at $3.61 1/2 in late trading
today. Prices were nearer the session high and hit a fresh
four-week high today. Oats bulls and bears are now back on
a level near-term technical playing field. 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 $3.60 and then at today’s low of $3.54 3/4.
First resistance is seen at today’s high of $3.65 and then
at $3.67 3/4. Wyckoff's Market Rating: 5.0

*. SOFTS: March sugar closed down 20 points at 18.17 cents
today. Prices closed nearer the session low today and hit a
fresh 25-month low. The key “outside markets” were in a
bullish posture for the sugar market today as the U.S.
dollar index was lower and crude oil prices were higher.
Yet, sugar sold off and hit a new for-the-move low, which
is yet another bearish clue. Sugar bears have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at 19.19 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 17.50 cents. First
resistance is seen at today’s high of 18.50 cents and then
at 18.62 cents. First support is seen at today’s low of
18.08 cents and then at 18.00 cents. Wyckoff's Market
Rating: 1.0.

March coffee closed down 735 points at 148.95 cents today.
Prices closed near the session low today and hit a fresh
two-week low. Heavy profit taking from recent gains was
seen. Prices Friday hit a nine-week high. The key “outside
markets” were in a bullish posture for the coffee market
today as the U.S. dollar index was lower and crude oil
prices were higher. Yet, coffee sold off sharply, which is
a bearish clue. The coffee bears have the overall near-term
technical advantage. The next upside breakout objective for
the bulls is to close prices above solid technical
resistance at last week’s high of 157.90 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
141.24 cents a pound. First resistance is seen at 150.00
cents and then at 152.50 cents. First support is seen at
today’s low of 148.20 cents and then at 145.00 cents.
Wyckoff's Market Rating: 2.5.

March cocoa closed down $62 at $2,223 a ton. Prices closed
nearer the session low today. The key “outside markets”
were in a bullish posture for the cocoa market today as the
U.S. dollar index was lower and crude oil prices were
higher. Yet, cocoa sold off, which is a bearish clue. The
cocoa bears have the 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 last week’s high of $2,313. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,115. First
resistance is seen at $2,250 and then at $2,275. First
support is seen at the January low of $2,206 and then at
$2,200. Wyckoff's Market Rating: 3.0

March cotton closed up 141 points at 79.96 cents today.
Prices closed near the session high and hit a fresh eight-
month high today. The key “outside markets” were in a
bullish posture for the cotton market today as the U.S.
dollar index was lower and crude oil prices were higher.
The cotton bulls have the solid overall near-term technical
advantage and gained fresh upside momentum today. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at 82.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at 75.00 cents. First resistance is seen at today’s
high of 80.20 cents and then at 80.50 cents. First support
is seen at 79.50 cents and then at 79.00 cents. Wyckoff's
Market Rating: 7.0.

March orange juice closed up 90 points at $1.1545 today.
Prices closed nearer the session low today and did hit a
fresh two-week high early on. Short covering was featured.
FCOJ 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
$1.2000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at the January low of $1.0910. First resistance is
seen at today’s high of 1.1780 and then at $1.1900. First
support is seen at today’s low of $1.1400 and then at
$1.1200. Wyckoff's Market Rating: 2.5.

March lumber futures closed down $9.00 at $353.30 today.
Prices closed near the session low and hit a fresh five-
week low today. Chart damage has been inflicted just
recently and bears have gained downside near-term technical
momentum to now suggest a market top is in place. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at $340.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at $370.00. First resistance is seen
at today’s high of $357.00 and then at $360.00. First
support is seen at today’s low of $352.30 and then at
$350.00. Wyckoff's Market Rating: 5.0

*. METALS: February gold futures closed up $6.10 an ounce
at $1,693.10 today. Prices closed nearer the session high
today. Prices were supported by a weaker U.S. dollar and
fresh speculative buying interest. Gold bulls and bears are
back on a level near-term technical playing field, but the
bulls are gaining upside near-term technical momentum.
Prices late last week saw a three-month-old downtrend on
the daily bar chart negated. The gold bulls’ next upside
price breakout objective is to produce a close above
psychological resistance at $1,700.00. Bears' next near-
term downside breakout price objective is closing prices
below solid technical support at $1,650.00. First
resistance is seen at last week’s high of $1,697.80 and
then at $1,700.00. First support is seen at today’s low of
$1,684.80 and then at $1,675.00. Wyckoff’s Market Rating:
5.0

March silver futures closed up $0.268 an ounce at $32.20
today. Prices closed nearer the session high today and hit
a fresh five-week high. The market was supported by fresh
speculative and technical buying interest and by a weaker
U.S. dollar index. The silver bulls now have the slight
near-term technical advantage and have some fresh upside
momentum on their side. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $32.50 an ounce. The next downside price
breakout objective for the bears is closing prices below
major psychological support at $30.00. First resistance is
seen at today’s high of $32.245 and then at $32.50. Next
support is seen at $32.00 and then at today’s low of
$31.815. Wyckoff's Market Rating: 5.5.

March N.Y. copper closed up 210 points at 370.00 cents
today. Prices closed nearer the session high today. A
weaker U.S. dollar index was supportive for copper today.
Copper bulls and bears are presently on a level near-term
technical playing field. Prices are still in a choppy 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 January high
of 375.90 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at last week’s low of 359.95 cents. First
resistance is seen at today’s high of 370.75 cents and then
at 371.80 cents. First support is seen at 367.50 cents and
then at 365.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: March crude oil closed up $0.67 a barrel at
$96.71 today. Prices closed nearer the session high and hit
another fresh four-month high today. Crude oil was
supported by a weaker U.S. dollar index today. The crude
bulls have the overall near-term technical advantage.
Prices are in a five-week-old uptrend on the daily bar
chart. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above major
psychological resistance at $100.00 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 $92.00. First resistance is seen at $97.00 and
then at $97.50. First support is seen at $96.00 and then at
$95.00. Wyckoff's Market Rating: 6.5

March heating oil closed up 179 points at $3.0598 today.
Prices closed near mid-range today. Bulls have the slight
near-term technical advantage. A choppy five-week-old
uptrend is in place on the daily bar chart—but now just
barely. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at the
January high of $3.1137. Bears' next downside price
breakout objective is producing a close below solid
technical support at the January low of $2.9809. First
resistance lies at today’s high of $3.0772 and then at
$3.1000. First support is seen at today’s low of $3.0293
and then at $3.00. Wyckoff's Market Rating: 5.5.

March (RBOB) unleaded gasoline closed up 367 points at
$2.8480 today. Prices closed nearer the session high today
and hit a fresh four-month high. Bulls have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the September high of
$2.8753. Bears' next downside price breakout objective is
closing prices below solid support at the January low of0
$2.7117. First resistance is seen at today’s high of
$2.8590 and then at $2.873. First support is seen at 2.8255
and then at today’s low of $2.7971. Wyckoff's Market
Rating: 7.0.

March natural gas closed down 2.4 cents at $3.541 today.
Prices closed nearer the session low today after hitting a
fresh six-week high early on today. Nat gas bulls and bears
are back on a level near-term technical playing field but
the bulls have gained some momentum recently. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at today’s high of
$3.646. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$3.25. First resistance is seen at last week’s high of
$3.576 and then at $3.60. First support is seen at today’s
low of $3.502 and then at $3.45. Wyckoff's Market Rating:
5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 5 points at 1.3320 today. Prices closed near
mid-range today and saw mild profit taking after prices
last week hit an 11-month high. Bulls still have the solid
overall near-term technical advantage. Prices are in a two-
month-old uptrend on the daily bar chart. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3500. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.3200. First
resistance for the Euro lies at today’s high of 1.3377 and
then at last week’s high of 1.3417. Next support is seen at
today’s low of 1.3272 and then at 1.3200. Wyckoff's Market
Rating: 7.5

The March Japanese yen closed up 161 points at 1.1272
today. Prices closed nearer the session high today and saw
short covering in a bear market. Prices hit a fresh
contract low early on. Bears still have the solid overall
near-term technical advantage. Prices are in a steep 3.5-
month-old downtrend on the daily bar chart. There are still
no early clues of a market bottom being close at hand.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the January high of
1.1522. Bears' next downside breakout objective is closing
prices below solid technical support at 1.1000. First
resistance is seen at today’s high of 1.1322 and then at
last week’s high of 1.1396. First support is seen at 1.1200
and then at today’s low of 1.1086 and then at 1.1200.
Wyckoff's Market Rating: 1.5.

The March Swiss franc closed up 65 points at 1.0766 today.
Prices closed nearer the session high today on short
covering. The Swissy bulls and bears are presently on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.0900. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the November low of 1.0555.
First resistance is seen at today’s high of 1.0788 and then
at 1.0800. First support is seen at today’s low of 1.0701
and then at last week’s low of 1.0657. Wyckoff's Market
Rating: 5.0.

The March Australian dollar closed up 52 points at 1.0517
today. Prices closed nearer the session high today. Prices
are hovering near the recent contract high. Bulls have the
solid overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0750. The next downside
breakout objective for the bears is to produce a close
below solid technical support at the January low of 1.0340.
First resistance is seen at the contract high of 1.0545 and
then at 1.0600. Next support is seen at last week’s low of
1.0440 and then at 1.0400. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed down 4 points at 1.0059
today. Prices closed near mid-range today. Bulls have faded
a bit but still have the slight overall near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at the January
high of 1.0175. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the December low of 1.0012. First resistance is
seen at today’s high of 1.0079 and then at 1.0100. First
support is seen at last week’s low of 1.0040 and then at
1.0012. Wyckoff's Market Rating: 5.5.

The March British pound closed down 39 points at 1.5820
today. Prices closed nearer the session low today and hit a
fresh 5.5-month low. Bears now have the overall near-term
technical advantage. Prices are in a steep three-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 the January high of 1.6166.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.5700. First
resistance is seen at today’s high of 1.5889 and then at
1.5945. First support is seen at today’s low of 1.5801 and
then at 1.5750. Wyckoff's Market Rating: 4.0.

The March U.S. dollar index closed down 11 points at 80.00
today. Prices closed near mid-range today. The bears still
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the January high of 80.99.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at the
December low of 79.01. Next resistance lies at last week’s
high of 80.27 and then at 80.50. First support is seen at
today’s low of 79.78 and then at the January low of 79.40.
Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed up 6/32 at 146 1/32 today. Prices
closed nearer the session high today and saw short covering
in a bear market. T-Bond bears still have the overall near-
term technical advantage but the bulls are gaining some
upside momentum. There is stiff chart support near the
January low. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at the January low of 143 17/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 146 23/32. First
resistance is seen at today’s high of 146 5/32 and then at
last week’s high of 146 17/32. First support is seen at 145
16/32 and then at today’s low of 145 8/32. Wyckoff's Market
Rating: 4.0.

March U.S. T Notes closed up 4.5 (32nds) at 132.09.5 today.
Prices closed near the session high and saw more short
covering. 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 133.02.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the December low of 131.25.5. First
resistance is seen at today’s high of 132.11.0 and then at
last week’s high of 132.15.5. First support is seen at
132.00.0 and then at today’s low of 131.28.0. Wyckoff's
Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Bulls have the overall near-term technical
advantage. After a long U.S. holiday weekend it was a
subdued market place on Tuesday. Traders are again focused
on quarterly corporate earnings reports. Heavyweight Apple
reports its earnings Wednesday. U.S. economic data released
Tuesday was light and had little impact on precious metals
prices. In overnight news, the German ZEW economic
indicators index came out stronger than expected, which
supported European stock markets and the Euro currency.
Spanish bond yields dropped again for the latest auction of
Spanish government debt. This is a sign of improving
investor sentiment toward the European Union and its
handling of its sovereign debt crisis. The Bank of Japan
announced more monetary policy stimulus measures Tuesday,
but the move was expected by the market place and Asian
markets were little moved. Still, the recent easing of BOJ
monetary policy is a bullish underlying factor for the
precious metals markets.

The Nasdaq stock futures index closed up 13.25 at 2,747.00
today. Prices closed near the session high today. Bulls
have the near-term technical advantage as prices hover near
a three-month high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,800.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,650.00. First resistance is seen at last week’s high of
2,752.00 and then at 2,765.00. First support is seen at
today’s low of 2,716.50 and then at last week’s low of
2,705.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 10.40 at 1,489.30.
Prices closed nearer the session high today and hit another
fresh five-year high. Bulls still have the solid near-term
technical advantage. 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 last
week’s low of 1,457.00. First resistance is seen at today’s
high of 1,489.30 and then at 1,500.00. First support is
seen at today’s low of 1,475.10 and then at 1,470.00.
Wyckoff's Market Rating: 8.0.

The Dow futures closed up 119 points at 13,695. Prices
closed near the session high today and hit a five-year
high. Bulls have the solid near-term technical advantage.
The next upside price objective for the bulls is closing
prices above solid technical resistance at 13,800. The next
downside price objective for the bears is closing prices
below solid technical support at the January low of 13,235.
First resistance in the Dow lies at today’s high of 13,700
and then at 13,750. First support is seen at 13,650 and
then at 13,600. 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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