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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Nov. 19

Nov 20, 2012

Monday Evening, November 19-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: February live cattle closed up $0.12 at
$130.15 today. Prices closed nearer the session low today
after hitting a fresh four-week high early on. 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 sharply higher. Cattle bulls and bears are
now back on a level near-term technical playing field. A
two-month-old downtrend line on the daily bar chart has
been negated. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the October high of $131.77. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $128.90. First resistance is seen at
today’s high of $130.75 and then at $131.00. First support
is seen at today’s low of $129.87 and then at $129.50.
Wyckoff's Market Rating: 5.0

January feeder cattle closed up $0.40 at $146.00 today.
Prices closed near mid-range today and saw short covering
in a bear market. Prices last week hit a four-month low.
Bears still have the 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 $147.50. 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 $146.52 and then at $147.00. First
support is seen at today’s low of $145.65 and then at
$145.00. Wyckoff's Market Rating: 2.5

February lean hogs closed up $0.97 at $87.42 today. Prices
closed near mid-range today and hit a fresh contract high.
The key “outside markets” were bullish for the hog market
today as the U.S. dollar index was lower and crude oil
prices were sharply higher. Bulls have the solid overall
near-term technical advantage as prices are in a nine-week-
old uptrend 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 $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at last week’s low of
$85.70. First resistance is seen at today’s contract high
of $87.85 and then at $88.00. First support is seen at
today’s low of $86.95 and then at $86.20. Wyckoff's Market
Rating: 8.0

*. GRAINS: March corn futures were up 11 cents at 7.42 in
late trading today. Prices were nearer the session high on
short covering and bargain hunting. The key “outside
markets” were in a bullish posture for corn today as the
U.S. dollar index was lower and crude oil prices were
sharply higher. Corn bulls and bears are now back on a
level near-term technical playing field. 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 solid technical support at the
September low of $7.08 3/4. First resistance for March corn
is seen at today’s high of $7.44 3/4 and then at $7.50.
First support is seen at $7.35 and then at today’s low of
$7.30. Wyckoff's Market Rating: 5.0

January soybeans were up 11 1/4 cents at $13.94 1/2 a
bushel in late trading today. Prices were near mid-range
and seeing bargain hunting and short covering. Prices
Friday hit a 3.5-month low. The key “outside markets” were
bullish for the soybean market today as the U.S. dollar
index was lower and crude oil prices were sharply higher.
Soybean bears still have the solid overall near-term
technical advantage. A 2.5-month-old downtrend is in place
on the daily bar chart. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing January prices above solid technical resistance at
$14.50 a bushel. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $13.50. First resistance is seen at
today’s high of $14.02 3/4 and then at $14.15. First
support is seen at today’s low of $13.85 1/2 and then at
last week’s low of $13.72 1/4. Wyckoff's Market Rating:
3.0.

March soybean meal was up $2.90 at $412.10 in late trading
today. Prices were near mid-range and saw some short
covering and bargain hunting. Prices Friday hit a 3.5-month
low. Meal bears still have the solid overall near-term
technical advantage. A two-month-old downtrend is in place
on the daily bar chart. 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 solid technical support at $400.00. First
resistance comes in at today’s high of $414.40 and then at
Friday’s high of $416.50. First support is seen at today’s
low of $409.90 and then at Friday’s low of $406.50.
Wyckoff's Market Rating: 3.0

March bean oil was up 71 points at 48.54 cents in late
trading today. Prices were nearer the session high on short
covering and bargain hunting. The key “outside markets”
were bullish for the soybean oil market today as the U.S.
dollar index was lower and crude oil prices were sharply
higher. Bean oil bears still have the solid overall near-
term technical advantage. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 50.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 47.00 cents. First resistance is seen
at today’s high of 48.90 cents and then at 49.50 cents.
First support is seen at 48.00 cents and then at today’s
low of 47.70 cents. Wyckoff's Market Rating: 2.0

March Chicago SRW wheat was up 5 cents at $8.59 in late
trading today. Prices were near mid-range late today. The
key “outside markets” were bullish for the wheat market
today as the U.S. dollar index was lower and crude oil
prices were sharply higher. Short covering and bargain
hunting were featured. Prices Friday hit a fresh four-month
low. Bulls and bears are back on a level near-term
technical playing field. Wheat bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $9.00 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at $8.00. First resistance is seen at today’s high
of $8.63 1/2 and then at $8.75. First support lies at
today’s low of $8.51 1/2 and then at Friday’s low of $8.45.
Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat was up 1 1/2 cents at $8.94 1/4 in
late trading today. Prices were near mid-range. Prices
Friday hit a fresh six-week low. HRW bulls and bears are on
a level near-term technical playing field, but the bulls
are fading. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $9.25. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
the September low of $8.85. First resistance is seen at
today’s high of $9.01 and then at $9.13 1/4. First support
is seen at today’s low of $8.89 1/4 and then at $8.85.
Wyckoff's Market Rating: 5.0

March oats were up 10 cents at $3.84 1/2 today in late
trading. Prices were nearer the session high and hit a
fresh two-week high today. Oats bulls today regained upside
technical momentum and have the overall near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
the November low of $3.62 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $4.00. First support lies at
$3.80 and then at $3.78. First resistance is seen at
today’s high of $3.88 1/4 and then at $3.90. Wyckoff's
Market Rating: 6.0

*. SOFTS: March sugar closed up 78 points at 19.93 cents
today. Prices closed nearer the session high and hit a
fresh four-week high today. Short covering and bargain
hunting were featured. The key “outside markets” were
bullish for the sugar market today as the U.S. dollar index
was lower and crude oil prices were sharply higher. Sugar
bears still have the overall near-term technical advantage.
However, a five-week-old downtrend on the daily bar chart
was negated today, to suggest a near-term market low is in
place. Bulls' next upside price breakout objective is to
push and close prices above solid technical resistance at
20.50 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at the November low of 18.66 cents. First resistance is
seen at today’s high of 20.00 cents and then at 20.25
cents. First support is seen at 19.77 cents and then at
19.64 cents. Wyckoff's Market Rating: 2.5.

March coffee closed up 375 points at 156.25 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. The key “outside markets” were bullish
for the coffee market today as the U.S. dollar index was
lower and crude oil prices were sharply higher. Prices last
week hit a 22-month low. Coffee bears still have the solid
overall near-term technical advantage. Prices are in a six-
week-old downtrend on the daily bar chart. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 160.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 145.00 cents a
pound. First resistance is seen at today’s high of 157.80
cents and then at 160.00 cents. First support is seen at
today’s low of 153.00 cents and then at last week’s low of
149.45 cents. Wyckoff's Market Rating: 2.0.

March cocoa closed up $26 at $2,424 a ton. Prices closed
nearer the session high today on short covering. Trading
has turned very choppy. The key “outside markets” were
bullish for the cocoa market today as the U.S. dollar index
was lower and crude oil prices were sharply higher. Cocoa
bulls and bears are on a level near-term technical playing
field. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at the October high of $2,531. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the November low of $2,322. First resistance is seen at
today’s high of $2,430 and then at $2,450. First support is
seen at $2,400 and then at $2,384. Wyckoff's Market Rating:
5.0

March cotton closed down 58 points at 72.06 cents today.
Prices closed nearer the session low today and did hit a
fresh three-week high early on. Cotton bears 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 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 November low of 69.79 cents. First resistance is
seen at today’s high of 73.15 cents and then at 74.00
cents. First support is seen at today’s low of 71.90 cents
and then at 71.00 cents. Wyckoff's Market Rating: 3.0.

January orange juice closed down 135 points at $1.1595
today. Prices closed near mid-range today. Prices Friday
hit a seven-week high. The frost season for citrus regions
in the southeastern U.S. is approaching, which is prompting
speculative buying in FCOJ. FCOJ bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at the October
high of $1.2000. 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 today’s high of $1.1775 and then at Friday’s high
of $1.1935. First support is seen at today’s low of $1.1430
and then at $1.1300. Wyckoff's Market Rating: 5.0.

January lumber futures closed up $4.70 at $330.20 today.
Bulls have the solid overall near-term technical advantage,
but trading has become choppy at higher price levels. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at $315.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the contract high of $335.00.
First resistance is seen at $333.00 and then at $335.00.
First support is seen at $327.50 and then at $325.00.
Wyckoff's Market Rating: 7.5

*. METALS: December gold futures closed up $19.40 an ounce
at $1,734.10 today. Prices closed nearer the session high
today. It was a “risk-on” day in the market place today,
which positively impacted most commodity markets, including
gold. The key “outside markets” were also bullish for gold
today as the U.S. dollar index was lower and crude oil
prices were sharply higher. Gold bulls have the overall
near-term technical advantage and regained some upside
momentum today. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at $1,755.00. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at $1,700.00. First resistance is seen at
the November high of $1,739.40 and then at $1,750.00. First
support is seen at $1,725.00 and then at today’s low of
$1,713.40. Wyckoff’s Market Rating: 6.5

December silver futures closed up $0.795 an ounce at
$33.175 today. Prices closed near the session high today
and hit a fresh four-week high. The key “outside markets”
were bullish for silver today as the U.S. dollar index was
lower and crude oil prices were higher. Silver still bulls
have the overall near-term technical advantage and gained
fresh upside momentum today. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $33.50 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $31.50. First resistance is seen
at today’s high of $33.21 and then at $33.50. Next support
is seen at $32.93 and then at $32.50. Wyckoff's Market
Rating: 6.5.

December N.Y. copper closed up 790 points at 353.00 cents
today. Prices closed nearer the session high today on short
covering. Copper bears still have the overall near-term
technical advantage, but the bulls did gain some fresh
upside momentum today. Prices are still in a two-month-old
downtrend on the daily bar chart, but now just barely.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 357.50
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of 340.30 cents. First resistance is seen
at today’s high of 354.05 cents and then at 356.90 cents.
First support is seen at 350.00 cents and then at 347.50
cents. Wyckoff's Market Rating: 4.0.

*. ENERGIES: January crude oil closed up $2.24 a barrel at
$89.16 today. Prices closed nearer the session high today
and hit a fresh three-week high on short covering and fresh
Middle East tensions. The weaker U.S. dollar index and a
“risk-on” day in the market place were also supportive for
the energy markets. The Middle East situation bears close
watching by energy traders. Crude oil bears still have the
overall near-term technical advantage. However, a two-
month-old downtrend on the daily bar chart was negated
today. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at $92.00 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 the
November low of $84.53. First resistance is seen at today’s
high of $89.80 and then at $90.00. First support is seen at
$88.00 and then at today’s low of $87.11. Wyckoff's Market
Rating: 4.0

January heating oil closed up 994 points at $3.0940 today.
Prices closed near the session high and hit a fresh four-
week high today. Heavy short covering was seen. Bulls have
regained the slight near-term technical advantage. A four-
week-old downtrend on the daily bar chart was negated
today. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at $3.1500.
Bears' next downside price breakout objective is producing
a close below solid technical support at $3.0000. First
resistance lies at $3.1000 and then at $3.1250. First
support is seen at $3.0704 and then at $3.0500. Wyckoff's
Market Rating: 5.5.

January (RBOB) unleaded gasoline closed up 476 points at
$2.7295 today. Prices closed nearer the session high today
and hit a fresh four-week high. Bulls have regained the
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the October high of $2.8241.
Bears' next downside price breakout objective is closing
prices below solid support at $2.6200. First resistance is
seen at today’s high of $2.7505 and then at $2.7750. First
support is seen at $2.7000 and then at $2.6750. Wyckoff's
Market Rating: 6.0.

January natural gas closed down 6.8 cents at $3.836 today.
Prices closed near the session low today after hitting a
fresh three-week high early on. Bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the October high of
$4.088. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of $3.598. First resistance is seen at
$3.90 and then at today’s high of $3.948. First support is
seen at $3.78 and then at $3.75. Wyckoff's Market Rating:
5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 81 points at 1.2810 today. Prices closed
nearer the session high today and saw more short covering.
The Euro bears still have the slight overall near-term
technical advantage. A four-week-old downtrend is still in
place on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3027. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2600. First resistance for
the Euro lies at today’s high of 1.2824 and then at 1.2881.
Next support is seen at today’s low of 1.2743 and then at
1.2700. Wyckoff's Market Rating: 4.5

The December Japanese yen closed down 17 points at 1.2297
today. Prices closed near mid-range today and hit another
fresh 7.5-month low. Bears have the solid overall near-term
technical advantage. Prices are in a steep nine-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1.2400. Bears' next downside breakout objective is
closing prices below solid technical support at 1.2100.
First resistance is seen at today’s high of 1.2335 and then
at 1.2364. First support is seen at today’s low of 1.2260
and then at 1.2200. Wyckoff's Market Rating: 2.0.

The December Swiss franc closed up 68 points at 1.0638
today. Prices closed nearer the session high today, hit a
fresh two-week high and saw more short covering. The Swissy
bears still have the overall near-term technical advantage.
Prices are in a four-week-old downtrend on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 1.0700.
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 1.0648 and then
at 1.0666. First support is seen at today’s low of 1.0579
and then at 1.0540. Wyckoff's Market Rating: 4.5.

The December Australian dollar closed up 75 points at
1.0384 today. Prices closed nearer the session high today
and saw some short covering and bargain hunting. Bulls have
the overall near-term technical advantage and regained some
upside momentum today. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the November high of 1.0446. The next downside breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of 1.0263. First
resistance is seen at today’s high of 1.0395 and then at
last week’s high of 1.0432. Next support is seen at today’s
low of 1.0324 and then at 1.0300. Wyckoff's Market Rating:
6.5

The December Canadian dollar closed up 51 points at 1.0027
today. Prices closed nearer the session high today and saw
short covering. Prices on Friday hit a 3.5-month low. A 10-
week-old downtrend is still in place on the daily bar
chart. Bears have the near-term technical advantage. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the November high of 1.0118. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9900.
First resistance is seen at today’s high of 1.0040 and then
at 1.0075. First support is seen at 1.0000 and then at
today’s low of .9976. Wyckoff's Market Rating: 3.5.

The December British pound closed up 22 points at 1.5902
today. Prices closed near mid-range today and saw tepid
short covering. Bears still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the November high of 1.6173. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5750. First resistance is
seen at today’s high of 1.5922 and then at 1.6000. First
support is seen at last week’s low of 1.5822 and then at
1.5800. Wyckoff's Market Rating: 4.0.

The December U.S. dollar index closed down 39 points at
80.92 today. Prices closed nearer the session low today on
profit taking from recent gains. The bulls still have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at 82.00. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at 80.00. Next resistance
lies at today’s high of 81.28 and then at last week’s high
of 81.51. First support is seen at today’s low of 80.83 and
then at 80.68. Wyckoff's Market Rating: 6.0.

December U.S. T-Bonds closed down 25/32 at 151 14/32 today.
Prices closed near mid-range today and saw profit taking.
It was a “risk-on” day in the market place today, which
also pressured safe-haven bonds and notes. Bulls still have
the overall technical advantage as prices Friday hit a 3.5-
month high. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 149 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at the July high of 154 17/32. First resistance
is seen at today’s high of 151 31/32 and then at Friday’s
high of 152 21/32. First support is seen at today’s low of
151 4/32 and then at 150 19/32. Wyckoff's Market Rating:
6.5.

December U.S. T Notes closed down 9.0 (32nds) at 133.28.0
today. Prices closed nearer the session low. Bulls still
have the solid near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the July high of 134.18.0.
The next downside price breakout objective for the bears is
producing a close below solid technical support at
133.00.0. First resistance is seen at 134.00.0 and then at
today’s high of 134.04.5. First support is seen at today’s
low of 133.25.0 and then at this week’s low of 133.22.0.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on short covering in a bear market. Bears
still have the near-term technical advantage in the stock
indexes. There was a bit more investor and trader risk
appetite in the market place to start the new trading week
Monday. European, Asian and U.S. stock markets were higher
Monday on notions the Obama administration and the U.S.
congress are moving closer to a deal to avoid the “fiscal
cliff” implementation of tax increases and spending cuts
that would be implemented in January, should no agreement
be reached. Some pundits reckon the agreement will be
reached in early December when the U.S. congress comes back
from the Thanksgiving holiday break. The better investor
risk appetite Monday came despite still-high tensions in
the Middle East. Israel is taking a very hard line against
Hamas, including heavy air strikes in the Gaza Strip over
the weekend and the possibility of moving ground troops
into Gaza. Such could agitate Egypt and further inflame
Iran. There were reports Monday that there may be
negotiations occurring between Israel and Egypt on de-
escalating the present situation. There is a meeting of
Euro zone officials Tuesday on when to disburse the next
tranche of bailout money to cash-starved Greece, and on
what terms Greece will be held in order to receive the
money. If EU officials write off Greek debt, then other
financially troubled EU countries would likely want the
same. German officials Monday reiterated opposition to any
Greek debt write-down. The overall European Union sovereign
debt crisis remains a major uncertainty and major worry in
the market place.

The Nasdaq stock futures index closed up 52.50 at 2,585.50.
Prices closed nearer the session high today and saw short
covering after hitting a 5.5-month low on Friday. Prices
are in a two-month-old downtrend on the daily bar chart.
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 the June low of 2,433.75. First
resistance is seen at today’s high of 2,594.25 and then at
2,604.50. First support is seen at 2,565.00 and then at
2,550.00. Wyckoff's Market Rating: 3.5

The S&P 500 futures index closed up 22.70 at 1,382.50.
Prices closed near the session high on short covering.
Prices on Friday hit a four-month low. Prices are still in
a six-week-old downtrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the November high of 1,431.40.
The next downside price breakout objective for the bears is
closing prices below solid support at the July low of
1,320.00. First resistance is seen at today’s high of
1,384.50 and then at 1,400.00. First support is seen at
1,370.00 and then at today’s low of 1,360.40. Wyckoff's
Market Rating: 3.5.

The Dow futures closed up 168 points at 12,738. Prices
closed nearer the session high today on short covering.
Prices Friday hit a four-month low. Prices are in a six-
week-old downtrend on the daily bar chart. 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 the July low of 12,425. First
resistance in the Dow lies at today’s high of 12,755 and
then at 12,800. First support is seen at 12,700 and then at
today’s low of 12,640. Wyckoff's Market Rating: 3.5.

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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