Daily Morning Report

Thursday, December 16–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly up in overnight trading. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins, including the S&P 500 hitting a new record high overnight. Risk appetite is more robust late this week.

Traders and investors Thursday are still digesting the U.S. Federal Reserve FOMC meeting results. The FOMC statement somewhat surprisingly said three interest rate increases are likely in 2022, and that U.S. inflation is rising but suggested it will back off in the coming months. The FOMC is accelerating its monthly asset purchases tapering, which will end in March. The marketplace correctly expected a hawkish lean from the FOMC, but the better clarity on timing and actions of the Fed appeared to assuage traders of many markets, as evidenced by the rally in U.S. stock indexes, stable bond yields and a weaker U.S. dollar index.

Now, the marketplace is awaiting the results of today’s European Central Bank and Bank of England monetary policy meetings. The BOE just announced it is raising its main interest rate by 15 basis points (0.15%).

The pandemic never seems to stray too far from the front burner of the marketplace. Bloomberg today reports “the lockdown mentality turning London into a ghost town is starting to feel like the real thing as Europe resurrects stiff border controls and another Christmas looks set to be lost to the virus.”

The key “outside markets” today see Nymex crude oil prices higher and trading around $72.00 a barrel. The U.S. dollar index is weaker early today but still not far below its recent high. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.434%.

Another busy day for U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, new residential construction, industrial production and capacity utilization, the U.S. flash services and manufacturing PMIs, and the Kansas City Fed manufacturing survey.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are solidly higher and hit a contract and record high in early U.S. trading. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at 4,750.00 and then at 4,775.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,697.00 and then at 4,650.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.5

March Nasdaq index futures: Prices are solidly higher and hit a two-week high in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is even with the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at 16,500.00 and then at 16,600.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 16,277.25 and then at 16,100.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are slightly higher in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at Wednesday’s high of 162 15/32 and then at this week’s high of 162 23/32. Buy stops likely reside just above those levels. Shorter-term support lies at Wednesday’s low of 161 9/32 and then at this week’s low of 160 30/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are higher in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance is seen at this week’s high of 130.30.5 and then at 131.05.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 130.11.5 and then at this week’s low of 130.07.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

EURO CURRENCY

The March Euro currency futures are higher in early U.S. trading. Bears still have the solid overall near-term technical advantage. However, prices have been trading sideways at lower levels for three week. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1351 and then at 1.1382. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1247 and then at the November low of 1.1221. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are firmer in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at the overnight high of $72.11 and then at last week’s high of $73.34. Look for sell stops just below technical support at $71.00 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures were mixed in overnight trading. Not much new this week in subdued, pre-holiday trading in the grains. Lower price action Wednesday did dent the bulls, especially in wheat. The corn and wheat market bulls still have the overall near-term technical advantage, while the soybean bears have the edge. On tap today is the weekly USDA export sales report.

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

Wednesday, December 15–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in overnight trading. U.S. stock indexes are also pointed toward narrowly mixed openings when the New York day session begins. The markets are pausing at mid-week, as all of the major central banks hold monetary policy meetings yet this week. The highly anticipated Federal Reserve FOMC meeting that began Tuesday morning ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is expected to announce the acceleration of asset purchases tapering, so the Fed can raise interest rates sooner, as the U.S. now has the hottest inflation in nearly 40 years. Specifically, the FOMC is expected to announce it will accelerate tapering asset purchases to $30 billion a month to wind the program down by March. Many analysts and economists believe two U.S. interest rate hikes will occur in 2022.

In other overnight news there was a stark assessment of the Covid virus and resulting supply chain disruptions heading into the new year. Broker SP Angel in an email dispatch today warned that “we expect the highly transmissible Omicron virus to significantly disrupt supply chains through Q1 next year. Each new dominant variant passes faster and more effectively than the last by their very definition, with Omicron as the latest and most complex variant to take over. While Omicron may prove to be a milder and less deadly virus it is still making people sick and it still takes time / weeks to recover. …We expect ongoing mine disruption to further hit metals production, exacerbating supply / demand deficits and lowering already low LME and SHFE warehouse stock levels.” Other major industries may suffer the same fate in the coming months.

The key “outside markets” today see Nymex crude oil prices lower and trading around $69.50 a barrel. The U.S. dollar index is a bit weaker early today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.429%.

Other U.S. economic data due for release on a busy Wednesday includes the weekly MBA mortgage applications survey, the Empire State manufacturing survey, retail sales, import and export prices, manufacturing and trade inventories, the NAHB housing market index, Treasury international capital data and the weekly DOE liquid energy stocks report. 

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are slightly weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at 4,650.00 and then at Tuesday’s high of 4,676.75. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,596.25 and then at 4,550.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

March Nasdaq index futures: Prices are a bit lower in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 16,000.00 and then at Tuesday’s high of 16,132.75. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,734.00 and then at the December low of 15,547.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s high of 162 23/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at Tuesday’s low of 161 16/32 and then at this week’s low of 160 30/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance is seen at this week’s high of 130.30.5 and then at 131.05.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 130.07.5 and then at 130.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The March Euro currency futures are slightly higher in early U.S. trading. Bears still have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1351 and then at 1.1382. Buy stops likely reside just above those levels. Shorter-term support is seen at the December low of 1.1257 and then at the November low of 1.1221. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Nymex crude oil prices are lower in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at Tuesday’s high of $72.03 and then at last week’s high of $73.34. Look for sell stops just below technical support at $70.00 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mixed to lower in overnight trading. Not much new in subdued, pre-holiday trading in the grains. The wheat and corn market bulls have the near-term technical advantage, while the soybean bears have the slight edge. However, meal futures prices are in a solid rally mode and that strongly suggests soybeans do not have any significant downside potential.

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

Tuesday, December 14–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in overnight trading, with European shares mostly up and Asian shares mostly down. U.S. stock indexes are also pointed toward weaker openings when the New York day session begins. Focus of the marketplace is on all the major central banks holding monetary policy meetings this week. The Federal Reserve’s FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is expected to announce the acceleration of asset purchases tapering as the U.S. now has the hottest inflation in nearly 40 years.

Speaking of inflation, traders will closely examine today’s U.S. producer price index report for November, which is expected to come in at up 0.5% from October.

The key “outside markets” today see Nymex crude oil prices slightly lower and trading around $71.00 a barrel. The U.S. dollar index is weaker early today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.434%.

U.S. economic data due for release Tuesday includes the NFIB small business index, the weekly chain store sales index and Johnson Redbook retail sales reports, and the producer price index.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 4,676.75 and then at 4,700.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,625.00 and then at 4,600.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.0

March Nasdaq index futures: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 16,132.75 and then at 16,300.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,900.00 and then at 15,800.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at this week’s high of 162 23/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at 162 even and then at 161 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance is seen at this week’s high of 130.30.5 and then at 131.05.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 130.20.0 and then at 130.15.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The March Euro currency futures are higher in early U.S. trading. Bears still have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is even with the 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at last week’s high of 1.1382 and then at 1.1417. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1285 and then at the December low of 1.1257. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

Nymex crude oil prices are near steady in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at last week’s high of $73.34 and then at $74.00. Look for sell stops just below technical support at $70.00 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

U.S. grain futures were mixed to lower in overnight trading. Not much new in subdued, pre-holiday trading in the grains. The wheat market bulls have faded recently, while the corn bulls have some strength and the soybean bulls are languishing in a sideways market mode.

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

Monday, December 13–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer in overnight trading. U.S. stock indexes are also pointed toward mildly higher openings when the New York day session begins. It’s a quieter start to the trading week. However, activity will certainly pick up as the week progresses as all the major central banks hold monetary policy meetings this week. The Federal Reserve’s FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is expected to announce the acceleration of asset purchases tapering on Wednesday as the U.S. faces the hottest inflation in nearly 40 years. For the European Central Bank meeting Thursday, little change in monetary policy is expected.

Risk appetite remains upbeat with just over two weeks before the new year begins. The new Omicron variant of the coronavirus appears to be much less than the worst-case scenario traders and investors were worried about two weeks ago. That has allowed stock markets to rally on bond yields to rise.

The key “outside markets” today see Nymex crude oil prices slightly lower and trading around $71.50 a barrel. The U.S. dollar index is higher early today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.492%.

There is no major U.S. economic data due for release Monday.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are firmer in early U.S. trading and closed to the contract and record high. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,735.00 and then at 4,750.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Friday’s low of 4,657.00 and then at 4,625.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

March Nasdaq index futures: Prices are higher in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at last week’s high of 16,438.75 and then at 16,500.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 16,322.50 and then at 16,200.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are slightly up in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at Friday’s high of 162 1/32 and then at 162 16/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 160 30/32 and then at last week’s low of 160 12/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are slightly firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance is seen at Friday’s high of 130.23.0 and then at 131.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 130.07.5 and then at last week’s low of 129.31.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The March Euro currency futures are lower in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is even with the 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1346 and then at last week’s high of 1.1382. Buy stops likely reside just above those levels. Shorter-term support is seen at the December low of 1.1257 and then at the November low of 1.1221. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Nymex crude oil prices are lower in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at last week’s high of $73.34 and then at $74.00. Look for sell stops just below technical support at $71.00 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures were lower in overnight trading. The wheat market bulls have faded badly the past week, while the corn bulls have gained some strength and the soybean bulls are languishing in a sideways market mode. On tap today is the weekly USDA export inspections report.

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