Daily Morning Report

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

Global stock markets were mostly weaker in overnight trading. The U.S. stock indexes are pointed to modestly higher openings when the New York day session begins. There is less risk aversion in the marketplace so far this week, half-way through what can be the tumultuous month of September. 

In overnight news, China’s industrial output in August was reported up 5.3%, year-on-year, which was slightly below market expectations.

The key outside markets today see the U.S. dollar index lower again. Nymex crude oil futures prices higher, hit a six-week high, and are trading around $71.50 a barrel.  Oil prices have been rising recently as Hurricane Ida’s aftermath sees around 40% of crude oil production in the Gulf of Mexico still off-line, with 48% of natural gas production off-line. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.28%. 

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the Empire State manufacturing survey, import and export prices, industrial production and capacity utilization, and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly higher in early U.S. trading. Bulls have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is even with 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 4,483.50 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,425.25 and then at 4,400.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

December Nasdaq index futures: Prices are slightly higher in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above 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 15,557.50 and then at the contract high of 15,702.25. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,342.75 and then at 15,250.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are firmer in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at this week’s high of 164 22/32 and then at 165 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 164 even and then at 163 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at this week’s high of 133.23.0 and then at the September high of 133.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.15.0 and then at 133.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The December Euro currency futures are higher in early U.S. trading. Bears have the 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 1.1867 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.1820 and then at this week’s low of 1.1790. 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 and hit a six-week high in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above 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 the overnight high of $71.63 and then at $72.00. Look for sell stops just below technical support at the overnight low of $70.65 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were higher overnight. Bulls are having a good week, so far. If the grain markets can show more price strength this week, such would suggest that “harvest lows” may have come early this year. But right now the corn and soybean market bears still have the overall near-term technical advantage and the wheat bulls have faded, too.  

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, September 14–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in quieter overnight trading. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins. On tap Tuesday is the U.S. consumer price index report for August. The CPI is forecast up 0.4% after a rise of 0.5% in July. Year-on-year the CPI is seen up 5.4% in August—the same as July.

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil futures prices are higher, hit a five-week high, and trading around $71.00 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.341%. 

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

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly higher in early U.S. trading. Bulls have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at Monday’s high of 4,483.50 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Monday’s low of 4,434.50 and then at 4,415.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

December Nasdaq index futures: Prices are slightly higher in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at Monday’s high of 15,557.50 and then at the contract high of 15,702.25. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at Monday’s low of 15,342.75 and then at 15,250.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: 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 above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at Monday’s high of 163 9/32 and then at last week’s high of 163 27/32. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’s low of 162 18/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at Monday’s high of 133.12.5 and then at last week’s high of 133.19.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.00.0 and then at 132.28.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are near steady in early U.S. trading. Bulls have faded and bears have the firm 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 to bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1851 and then at 1.1872. Buy stops likely reside just above those levels. Shorter-term support is seen at Monday’s low of 1.1790 and then at 1.1750. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Nymex crude oil prices are higher and hit another five-week high in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above 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 the overnight high of $71.14 and then at $72.00. Look for sell stops just below technical support at $70.00 and then at Monday’s low of $69.51. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were higher overnight. If the grain markets can show good price strength this week, such would suggest that “harvest lows” may have come early this year. But right now the corn and soybean market bears still have the overall near-term technical advantage and the wheat bulls have faded, too. Seasonal weakness is still a negative element for the grains, amid the just-completed U.S. wheat harvest and the soon-to-begin soybean and corn harvests.

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, September 13–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer in overnight trading. The U.S. stock indexes are pointed to higher openings when the New York day session begins. The stock markets are seeing bounces early this week after last week’s poor performances.

In overnight news, North Korea said it fired a tactical test missile that traveled nearly 1,000 miles. That’s a reminder to the world that the rogue nation is still on the geopolitical radar screen.

Trader attention early this week is on the U.S. consumer price index report for August, set for release Tuesday morning. The CPI is forecast up 0.4% after a rise of 0.5% in July. Year-on-year the CPI is seen up 5.4% in August—the same as July. Said Bloomberg news in a morning email dispatch: “On the raw-materials side, the price pressures are becoming increasingly hard to ignore with aluminum hitting the highest level in 13 years. Oil is back above $70 a barrel this morning. Producers are pushing the higher prices through to consumers as they battle with the increased costs of raw materials, shipping bottlenecks and rising labor expenses.”

Meantime, President Biden continues to try to push his major spending plan through the Congress but is hitting road-blocks.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are higher and trading around $70.75 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.334%. 

U.S. economic data due for release Monday is light and includes the monthly Treasury budget statement.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are higher in early U.S. trading. Bulls have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at 4,519.75 and then at the contract high of 4,539.50. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,446.50 and then at 4,425.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are higher in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 15,405.75 and then at 15,300.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: 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 below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at Friday’s high of 163 19/32 and then at last week’s high of 163 27/32. Buy stops likely reside just above those levels. Shorter-term support lies at 162 13/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at Friday’s high of 133.16.0 and then at last week’s high of 133.19.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.02.5 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are down in early U.S. trading. Bulls are fading and bears have the firm 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 to bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1837 and then at 1.1872. Buy stops likely reside just above those levels. Shorter-term support is seen at the September low of 1.1775 and then at 1.1750. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Nymex crude oil prices are higher and hit a five-week high in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above 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 the overnight high of $70.78 and then at $71.00. Look for sell stops just below technical support at $70.00 and then at the overnight low of $69.51. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were lower overnight. Last Friday morning’s USDA supply and demand report was mostly bearish but corn and soybeans showed good corrective bounces. Key will be if those markets can show follow-through buying interest early this week. So far, that does not look to be the case. The corn and soybean market bears still have the overall near-term technical advantage and the wheat bulls are fading, too. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets is still sideways to lower in the near term. Seasonal weakness is also a negative for the grains, amid the just-completed U.S. wheat harvest and the soon-to-begin soybean and corn harvests.

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

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

Global stock markets were mostly firmer in overnight trading. The U.S. stock indexes are pointed to higher openings when the New York day session begins. It’s been a choppy week for the U.S. stock market. After some risk aversion exhibited earlier this week, traders and investors appear to be more upbeat to end the trading week. 

In overnight news, Dow Jones Newswires reported the Federal Reserve will likely begin to gradually taper its $120 billion a month bond-buying program (quantitative easing) in November.

Reports said Deutsche Bank AG has joined other investment banks in urging caution on investors continuing to load up on U.S. stocks. The Nasdaq and S&P 500 stock indexes have recently hit record highs. The investment bank warned there is increased risk of an equity market correction as stock valuations have risen to around 21 times earnings.

The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil futures prices are higher and trading around $69.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.312%. 

U.S. President Biden and Chinese leader Xi Jinping had a lengthy telephone conversation Thursday in an effort to ease tensions between the world’s two largest economies. The marketplace is reading that as a positive development.

U.S. economic data due for release Friday includes the producer price index and monthly wholesale trade. There is also an important USDA supply and demand report for grains.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are higher in early U.S. trading and not far below last week’s contract and record high. Bulls have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the contract high of 4,539.50 and then at 4,565.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,476.25 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are a firmer in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the contract high of 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,515.00 and then at last week’s low of 15,409.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the overnight high of 163 19/32 and then at this week’s high of 163 27/32. Buy stops likely reside just above those levels. Shorter-term support lies at Thursday’s low of 162 13/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 133.16.0 and then at this week’s high of 133.19.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at Thursday’s low of 133.04.0 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are slightly up in early U.S. trading. Bears still have the overall near-term technical advantage but bulls are still working on a fledgling price uptrend on the daily chart. 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 to bearish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1873 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at the September low of 1.1808 and then at 1.1775. 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. The shorter-term moving averages 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 (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at $70.00 and then at $71.00. Look for sell stops just below technical support at $68.00 and then at this week’s low of $67.56. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were a bit firmer overnight. The major report of the week, if not the month, for the grain markets is Friday morning’s USDA supply and demand report. Look for higher volatility in the immediate aftermath of the noon EDT report. Weekly USDA grain export sales data is also out Friday morning. The corn and soybean market bears have the overall near-term technical advantage and the wheat bulls are fading, too. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets will be sideways to lower in the near term. Seasonal weakness is also a negative for the grains, amid the just-completed U.S. wheat harvest and the soon-to-begin soybean and corn harvests.

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