Daily Morning Report

Tuesday, August 31–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins, with S&P 500 and Nasdaq futures poking to record highs overnight.

In overnight news, the U.S. said it has fully pulled its troops and planes out of Afghanistan, ending a 20-year war with the Taliban, who declared victory over the world’s mightiest military.

The Euro zone consumer price index for August came in at up 3.0%, year-on-year, which was a bit hotter than expectations of up 2.7%. July’s CPI reading was up 2.2%.

China’s economy was jolted in August by the resurgence of the Covid virus. The world’s second-largest economy saw its unofficial non-manufacturing purchasing managers’ index (PMI) drop to 47.5 in August, compared to 53.3 in July. A reading below 50.0 suggests contraction in the sector. It was the lowest reading since February of 2020 for this segment of the PMI survey. Meantime, China’s manufacturing PMI in August came in at 50.1 from 50.4 in July.

Broker SP Angel today reported in an email dispatch that sales of gold jewelry in China have improved significantly over the past year among younger Chinese consumers–doubling demand in the first half of 2021. China’s overall economic recovery from the pandemic combined with the increasing popularity of e-commerce websites have helped the a boom in gold demand.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are lower and trading around $68.65 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.287%. 

U.S. economic data due for release Tuesday includes weekly chain store sales and the Johnson Redbook retail sales reports, the monthly house price index, S&P-Case-Shiller home index, the Chicago ISM business survey, and the consumer confidence index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are a bit weaker in early U.S. trading and did hit a contract and record high overnight. Bulls have the solid overall near-term technical advantage. 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 neutral to bearish early today. Today, shorter-term technical resistance comes in at the overnight contract high of 4,532.25 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Monday’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

December Nasdaq index futures: Prices are slightly weaker in early U.S. trading and did hit a contract and record high overnight. Bulls have the solid chart advantage. 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight contract high of 15,664.00 and then at 15,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at Monday’s low of 15,409.25 and then at 15,300.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December 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 163 26/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’s low of 162 28/32 and then at 162 9/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are slightly down 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 lies at the overnight high of 133.22.0 and then at 134.00.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at Monday’s low of 133.09.0 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are higher and hit a three-week high in early U.S. trading. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has now been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 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 1.1900 and then at 1.1938. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.1820 and then at 1.1800. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 6.0

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 and 18-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 Monday’s high of $69.64 and then at $70.00. Look for sell stops just below technical support at Monday’s low of $67.67 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mixed to lower overnight. Bulls are fading this week. Late-season rains across much of the U.S. Midwest have improved the corn and soybean crops and that’s bearish. The grain markets may trade sideways ahead of harvest and ahead of the Sept. 10 USDA monthly supply and demand report, when new crop production estimates will be released by the agency.

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, August 30–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer in quieter trading overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with the Dow and Nasdaq futures poking to record highs overnight. U.S. trader and investor attention to start the trading week is on Hurricane Ida that pounded the Louisiana and Mississippi coasts Sunday and overnight. The final days of the U.S. evacuations in Kabul, Afghanistan occur early this week, after last week’s terror attack that killed scores. Later this week comes the all-important U.S. jobs report on Friday morning. This week is the unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend.

Traders have mostly digested last week’s Jackson Hole, Wyoming annual Federal Reserve symposium. While several Federal Reserve officials gave hawkish interviews last week, Fed Chairman Jay Powell said on Friday that while the Fed could begin to reduce its monthly bond purchases this year, it will be in no hurry to raise interest rates. Powell’s remarks were not deemed as being overly hawkish on U.S. monetary policy.

The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are lower and trading around $68.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.30%.

U.S. economic data due for release Monday includes pending home sales and the Texas manufacturing outlook survey.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading and hit a contract and record high overnight. Bulls have the solid overall near-term technical advantage. 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 neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,503.50 and then at 4,525.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,475.00 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.5

December Nasdaq index futures: Prices are firmer in early U.S. trading and hit a contract and record high overnight. Bulls have the solid chart advantage. 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 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 15,442.25 and then at 15,500.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,300.00 and then at last week’s low of 15,076.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December 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 163 16/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at 162 24/32 and then at 162 9/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: 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 and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at 133.16.0 and then at 133.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.06.0 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 near steady in early U.S. trading. Bears still 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 above the 9-day and 18-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 the overnight high of 1.1834 and then at 1.1850. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1800 and then at Friday’s low of 1.1761. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Nymex crude oil prices are weaker in early U.S. trading and hit a three-week high overnight. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-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 $69.64 and then at $70.00. Look for sell stops just below technical support at the overnight low of $67.67 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures were mixed to lower overnight. Late-season rains across much of the U.S. Midwest have improved the corn and soybean crops. The grain markets may trade sideways ahead of harvest and ahead of the Sept. 10 USDA monthly supply and demand report, when new crop production estimates will be released by the agency. 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

Friday, August 27–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in quieter trading overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins. The terrorist bombings in Kabul, Afghanistan Thursday that killed over a dozen American soldiers and many more Afghans did not have a major impact on markets, but has tempered risk appetite in the marketplace late this week.

The annual Federal Reserve symposium being held in Jackson Hole, Wyoming late this week saw three Fed officials on Thursday say they favor tapering the central bank’s very accommodative monetary policy sooner rather than later—despite the growing concerns about the resurgence of the coronavirus and its potential impact on the U.S. and global economies. Fed Chair Jerome Powell is slated to speak virtually on Friday morning at 10:00 a.m. EDT. Many traders and investors had believed the Federal Reserve would extend its easy-money policies for a longer period of time than they had planned just a few weeks ago, due to the spreading Covid delta variant. Powell may still feel that way and may provide more clarity to his intentions this morning. Some market watchers believe Powell in his speech won’t tip his hand on timing of any Fed policy moves.

The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are higher and trading around $68.40 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.341%. U.S. bond yields are in the rise this week, hinting that bond traders are concerned about U.S. monetary policy tightening coming from the Fed sooner rather than later.

U.S. economic data due for release Friday includes personal income and outlays, advance economic indicators, and the University of Michigan consumer sentiment survey.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,488.00 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,450.00 and then at this week’s low of 4,426.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

December Nasdaq index futures: Prices are firmer in early U.S. trading. Bulls have the solid chart advantage. 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 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 15,383.25 and then at 15,500.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,200.00 and then at this week’s low of 15,076.50. 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 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 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 163 even and then at Wednesday’s high of 163 19/32. Buy stops likely reside just above those levels. Shorter-term support lies at 162 even and then at this week’s low of 161 25/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

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 below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at Thursday’s high of 133.04.0 and then at 133.10.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 132.25.5 and then at the August low of 132.21.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The December Euro currency futures are slightly up 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 above the 9-day and 18-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 1.1803 and then at 1.1831. Buy stops likely reside just above those levels. Shorter-term support is seen at Wednesday’s low of 1.1751 and then at this week’s low of 1.1720. 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 two-week high in early U.S. trading. Bulls have momentum to suggest still more upside. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-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 the overnight high of $68.76 and then at $69.00. Look for sell stops just below technical support at the overnight low of $67.52 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 6.5

GRAINS

U.S. grain futures were weaker overnight. Late-season rains across much of the U.S. Midwest have likely improved the corn and soybean crops, and that’s bearish. The grain markets may pause just ahead of harvest and ahead of the Sept. 10 USDA monthly supply and demand report, when new crop production estimates will be released by the agency.

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, August 26–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed to weaker overnight. The U.S. stock indexes are pointed to narrowly mixed openings and not far below this week’s record highs in the S&P 500 and Nasdaq. There is scant risk aversion in the marketplace this week.

Traders and investors are awaiting the annual Federal Reserve symposium being held in Jackson Hole, Wyoming late this week. Fed Chair Jerome Powell is slated to speak virtually on Friday. Many traders and investors believe the Federal Reserve will extend its easy-money policies for a longer period of time than they had planned just a few weeks ago, due to the spreading Covid delta variant.

The key outside markets today see the U.S. dollar index firmer and still trending higher. Nymex crude oil futures prices are weaker and trading around $67.75 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.346%. U.S. bond yields are in the rise this week, hinting that bond traders are at least a bit worried about a hawkish U.S. monetary policy tone coming from the Fed at this week’s Jackson Hole confab.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the second estimate of second-quarter gross domestic product, including the PCE price index that the Fed watches closely for inflation. The PCE index was up 6.4% from the first quarter in the first GDP estimate of the second quarter. Also due out today is the Kansas City Fed manufacturing survey.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly lower in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 neutral early today. Today, shorter-term technical resistance comes in at the contract high of 4,488.00 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,450.00 and then at this week’s low of 4,426.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

December Nasdaq index futures: Prices are slightly lower in early U.S. trading. Bulls have the solid chart advantage. 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 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 15,383.25 and then at 15,500.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,200.00 and then at this week’s low of 15,076.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: 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 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 163 even and then at Wednesday’s high of 163 19/32. 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: 5.0

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 below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 133.04.0 and then at 133.10.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.28.0 and then at the August low of 132.21.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The December Euro currency futures are slightly up 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 above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at 1.1831 and then at 1.1865. Buy stops likely reside just above those levels. Shorter-term support is seen at Wednesday’s low of 1.1751 and then at this week’s low of 1.1720. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are weaker in early U.S. trading on a corrective pullback from this week’s strong 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 this week’s high of $68.54 and then at $69.00. Look for sell stops just below technical support at Wednesday’s low of $66.92 and then at $66.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures were mixed overnight. Bulls have regained some footing this week. 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