Daily Morning Report

Friday, December 10–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly weaker in overnight trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Risk appetite has grown markedly this week, but after strong gains in the U.S. stock indexes earlier this week, the markets are seeing some normal pausing action late this week. It appears the Omicron variant has left center stage of the marketplace. However, as the holidays approach, the Delta strain of the coronavirus is surging in parts of the U.S.

Traders are awaiting Friday morning’s U.S. data point of the week: the November consumer price index report, which is expected to come in up 0.7% from November and up 6.7%, year-on-year. Those numbers, if realized, would be at a nearly 40-year high for U.S. inflation. Federal Reserve officials will be watching the CPI report very closely, ahead of their FOMC monetary-policy-setting meeting next week. The Fed has recently done an “about-face” on inflation prospects—going from saying it’s only transitory to new believing it’s not just temporary and may even become problematic.

The key “outside markets” today see Nymex crude oil prices higher and trading around $71.65 a barrel. Crude oil bulls have also had a very good week. The U.S. dollar index is higher early today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.515%.

Other U.S. economic data due for release Friday includes real earnings, the monthly Treasury budget statement and the University of Michigan consumer sentiment survey.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are firmer in early U.S. trading. It’s been a very good week for the bulls. 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 this week’s high of 4,705.00 and then at the contract high of 4,735.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,657.00 and then at 4,625.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

March Nasdaq index futures: Prices are firmer in early U.S. trading. Bulls have had the better week. 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 this 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 Thursday’s low of 16,123.50 and then at 16,000.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are weaker 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 to bearish early today. Shorter-term technical resistance is seen at the overnight high of 161 14/32 and then at 162 even. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 160 12/32 and then at 160 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are 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 the overnight high of 130.13.5 and then at 130.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 129.31.0 and then at 129.24.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The March Euro currency futures are slightly lower in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are n 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 bearish early today. The Euro currency finds shorter-term technical resistance at 1.1350 and then at this week’s high of 1.1382. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s 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: 4.5

NYMEX CRUDE OIL

Nymex crude oil prices are higher in early U.S. trading. Bulls have had a good week. 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 bullish early today. Look for buy stops to reside just above technical resistance at this 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: 5.5

GRAINS

U.S. grain futures were mixed to firmer in overnight trading. Grain traders will continue to look to the key outside markets for direction—crude oil and the U.S. stock indexes, both of which generally favor the grain market bulls at present. The wheat market bulls have faded badly this week, while the corn bulls have gained strength this week 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

Thursday, December 9–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed but mostly firmer in overnight trading. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. It’s been a very good week for the U.S. stock index bulls and Thursday sees a normal corrective pullback from the strong gains.

Traders are looking ahead to the U.S. data point of the week, Friday’s November consumer price index report, which is expected to come in up 0.7% from November and be up 6.7%, year-on-year.

China inflation data, released overnight, showed its producer price index up 12.9%, year-on-year, which was a decline from last month but still hotter than expected.

The key “outside markets” today see Nymex crude oil prices weaker and trading around $72.00 a barrel. Crude oil bulls have also had a very good week. The U.S. dollar index is higher. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.494%. U.S. bond yields have risen this week, on ideas of a tighter U.S. monetary policy and stronger U.S. economic growth in the coming months.

U.S. economic data due for release Thursday is light and includes the weekly jobless claims report and monthly wholesale trade.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are weaker in early U.S. trading on a routine downside correction from this week’s strong gains. 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 neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 4,705.00 and then at the contract high of 4,735.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,650.00 and then at 4,625.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

March Nasdaq index futures: Prices are weaker in early U.S. trading on a corrective pullback from this week’s strong gains. 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 neutral early today. Shorter-term technical resistance is seen at this 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 Wednesday’s low of 16,256.25 and then at 16,150.00. 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 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 technical resistance is seen at 161 16/32 and then at 162 even. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 160 12/32 and then at 160 even. 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 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 Wednesday’s high of 130.24.5 and then at 131.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 129.31.0 and then at 129.24.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

EURO CURRENCY

The March Euro currency futures are slightly weaker in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are n neutral early today, as the 4-day is even with the 9-day. The 9-day is below 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 1.1382 and then at last week’s high of 1.1417. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s 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: 4.5

NYMEX CRUDE OIL

Nymex crude oil prices are lower in early U.S. trading on a corrective pullback from this week’s solid gains. 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 the overnight high of $73.34 and then at $74.00. Look for sell stops just below technical support at Wednesday’s low of $70.91 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mixed to lower in overnight trading. Grain traders will continue to look to the key outside markets for direction—crude oil and the U.S. stock indexes, both of which generally favor the grain market bulls at present. Traders are awaiting Thursday’s USDA monthly supply and demand report and 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 8–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed but mostly up in overnight trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The Omicron fears seen over the past nearly two weeks have quickly faded as trader and investor risk appetite is robust at mid-week. Pfizer has just reported three vaccine doses neutralize the Omicron variant, while two doses likely still prevent serious effects from the variant.

As Omicron moves off the front burner of the marketplace, focus is on other matters such as new ideas the Federal Reserve will move even more quickly to end its bond-buying program, so it can start raising U.S. interest rates. The Fed’s FOMC meets next week. The marketplace now expects the Fed to hike rates in May of next year. The Fed recently abandoned its notion that inflation is just “transitory.”

In other news, China’s stock markets have been pressured this week as property giant Evergrande missed a bond payment deadline Monday.

Traders are also monitoring the Russia-Ukraine border situation, where Russia has amassed troops. U.S. President Biden and Russian President Putin discussed the matter on the telephone Tuesday, but no progress was made on a de-escalation of the apparent Russian intentions of invading Ukraine and even annexing it. It appears this situation will get more tense before it gets better, and that means safe-haven assets are likely to come more into favor in the near term, including gold, silver, the U.S. dollar and U.S. Treasuries.

The key “outside markets” today see Nymex crude oil prices firmer and trading around $72.50 a barrel. This week’s strong gains in crude oil suggest the market last week put in a near-term bottom. The U.S. dollar index is slightly lower. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.461%.

U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are higher in early U.S. trading and back near 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. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,735.00 and then at 4,775.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,650.00 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 U.S. trading. Bulls have momentum. Shorter-term moving averages (4- 9-and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to 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 16,300.00 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 firmer 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 and 18-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 the overnight high of 162 26/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 161 23/32 and then at 161 even. 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 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 early today. Shorter-term resistance is seen at the overnight high of 130.24.5 and then at 131.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 130.08.5 and then at 130.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

EURO CURRENCY

The March Euro currency futures are firmer in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral to bullish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1341 and then at last week’s high of 1.1417. Buy stops likely reside just above those levels. Shorter-term support is seen at last week’s 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: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are higher in early U.S. trading. Bulls have momentum. 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 bullish early today. Look for buy stops to reside just above technical resistance at $74.00 and then at $75.00. Look for sell stops just below technical support at the overnight low of $70.91 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were mostly weaker in overnight trading. Not much new so far this week. There is keener risk appetite in the marketplace this week and that is bullish for the grains. Grain traders will continue to look to the key outside markets for direction—crude oil and the U.S. stock indexes. Big gains in crude this week should support buying interest in the grains. Traders are looking ahead to Thursday’s USDA monthly supply and demand 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

Tuesday, December 7–Jim Wyckoff’s Morning Markets Report

Global stock markets were higher in overnight trading. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The worst fears of the Omicron variant are not materializing, so far, and risk appetite is back on the table for the marketplace, for now. Oil prices are also rallying and U.S. Treasury bond yields are rising on ideas U.S. and global economic growth will not be seriously impacted by Omicron.

Traders and investors are keeping an eye on a phone call today between U.S. President Biden and Russian President Putin. The West thinks the Russians might be poised to invade Ukraine, as Russian troops are gathered near the Ukraine-Russia border.

In overnight news, the Euro zone’s third-quarter gross domestic product came in at up 2.2% from the second quarter and up 3.9%, year-on-year. Those numbers were in line with market expectations.

In other news, China’s November exports were up 22%, year-on-year, while its imports were up 31.7% in the month. Both numbers handily beat market expectations.

The key “outside markets” today see Nymex crude oil prices solidly higher again and trading around $71.50 a barrel. The U.S. dollar index is slightly higher. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.441%.

U.S. economic data due for release Tuesday includes the weekly chain store index and Johnson Redbook retail reports, the international trade report, revised productivity and costs, the IBD/TIPP economic optimism index and consumer credit.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are solidly higher in early U.S. trading. Bulls have regained momentum this week. The shorter-term moving averages (4-, 9- and 18-day) are still bearish early today. The 4-day moving average is below 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 4,675.00 and then at 4,700.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,587.25 and then at this week’s low of 4,531.50. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 7.0

March Nasdaq index futures: Prices are solidly higher in U.S. trading. Bulls have regained momentum this week. Shorter-term moving averages (4- 9-and 18-day) are still bearish early today. The 4-day moving average is below 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 16,200.00 and then at 16,300.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 15,824.50 and then at last week’s low of 15,538.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 7.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Bulls are fading this week. Shorter-term moving averages (4- 9- 18-day) are still 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 162 20/32 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 near steady 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 and 18-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 the overnight high of 130.25.5 and then at 131.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 130.16.0 and then at 130.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The March Euro currency futures are weaker 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 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1341 and then at last week’s high of 1.1417. Buy stops likely reside just above those levels. Shorter-term support is seen at last week’s low of 1.1271 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 again solidly higher in early U.S. trading. Bulls have gained momentum this week. The shorter-term moving averages are still bearish early today as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at $73.00 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: 7.0

GRAINS

U.S. grain futures were mixed to firmer in overnight trading. There is keener risk appetite in the marketplace early this week and that is bullish for the grains. Grain traders will continue to look to the key outside markets for direction—crude oil and the U.S. stock indexes. Big gains in crude so far today should support early buying interest in the grains.

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