Nymex crude oil prices dropped sharply and hitting a five-week low on Monday, negating a price uptrend on the daily bar chart and producing technical damage. Commodity market traders need to watch the crude oil market extra closely this week. If crude shows solid follow-through selling pressure from Monday’s big losses, such would better suggest a market top is in place in crude. That would also be bad news for raw commodity market bulls. as crude oil is the leader of the raw commodity sector. Stay tuned!
Daily Morning Report
Equities stabilize early Tuesday
Tuesday, July 20–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed overnight. The U.S. stock indexes are pointed toward firmer openings when the New York day session begins, on corrective bounces after suffering sharp losses on Monday. Trader and investor risk appetite is fading at mid-summer, as the newer Delta Covid-19 strain that is surging in some regions of the world, including parts of the U.S., raises concerns about a slowing global economy.
The U.S. dollar index is a bit weaker after hitting a 3.5-month high on Monday. Meantime, Nymex crude oil prices are firmer on a corrective bounce after dropping sharply and hitting a five-week low on Monday, and are trading around $66.60 a barrel. Commodity market traders need to watch the crude oil market extra closely this week. If crude shows solid follow-through selling pressure from Monday’s big losses, such would suggest a market top is in place. That would also be bad news for raw commodity market bulls. The 10-year U.S. Treasury note yield is presently fetching 1.2%.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, and new residential construction.
–Jim
U.S. STOCK INDEXES
September S&P 500 e-mini futures: Prices are higher in early U.S. trading on a corrective bounce from Monday’s steep losses. Bulls still have the overall near-term technical advantage. 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 early today. Today, shorter-term technical resistance comes in at 4,300.00 and then at Monday’s high of 4,320.75. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,255.00 and then at Monday’s low of 4,224.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5
September 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 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 overnight high of 14,644.50 and then at Monday’s high of 14,682.50. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 14,550.00 and then at 14,500.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
September U.S. T-Bonds: Prices are firmer and hit a more-than five-month high in early U.S. trading. A nine-week-old price uptrend is in place on the daily chart and bulls have the solid overall near-term technical advantage. 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 bullish early today. Shorter-term technical resistance is seen at the overnight high of 166 14/32 and then at 167 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 165 13/32 and then at 165 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
September U.S. T-Notes: Prices are higher and hit a five-month high 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 bullish early today. Shorter-term resistance lies at 135.00.0 and then at 135.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 134.20.0 and then at the overnight low of 134.14.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
EURO CURRENCY
The September Euro currency futures are near steady after hitting a 3.5-month low on Monday. 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 bearish early today. The Euro currency finds shorter-term technical resistance at Monday’s high of 1.1838 and then at 1.1864. Buy stops likely reside just above those levels. Shorter-term support is seen at Monday’s low of 1.1776 and then at the March low of 1.1746. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0
NYMEX CRUDE OIL
Nymex crude oil prices are modestly up after dropping sharply and hitting a six-week low on Monday. The shorter-term moving averages 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 (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at the overnight high of $67.29 and then at $68.00. Look for sell stops just below technical support at the overnight low of $66.13 and then at Monday’s low of $65.56. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
U.S. grain futures were solidly higher overnight. A weather market in the grains is back on the front burner. U.S. Midwest and northern Plains weather forecasts are warmer and drier into late-July and early August. Overall global supply and demand fundamentals in the grains still favor the bullish camp. Watch the crude oil market, as if it starts to break down again that will limit 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
Stock markets wobbly to start trading week
Monday, July 19–Jim Wyckoff’s Morning Markets Report
Global stock markets mostly lower overnight. The U.S. stock indexes are pointed toward lower openings when the New York day session begins. It is beginning to appear trader and investor enthusiasm may be losing some momentum at mid-summer, as the newer Covid-19 strain is surging in some regions of the world, including the U.S. Concerns about a slowing global economy combined with rising inflation may bring back into the business lexicon the term “stagflation.” That word emerged in the late 1970s amid double-digit inflation and a sputtering U.S. economy.
The key outside markets today see the U.S. dollar index higher and hitting a 3.5-month high. Meantime, Nymex crude oil prices are solidly lower, hit a four-week low and are trading around $69.80 a barrel. A surprising OPEC-plus meeting Sunday saw the cartel agree to raise its collective crude oil production by around 400,000 barrels a day each month through the endo of 2022, reports said. The 10-year U.S. Treasury note yield is presently fetching 1.255%. Bond yields are on the decline on some safe-haven buying as the global stock markets have become a bit wobbly.
U.S. economic data due for release Monday is light and includes the NAHB housing market index.
–Jim
U.S. STOCK INDEXES
September S&P 500 e-mini futures: Prices are solidly lower in early U.S. trading. Bulls still have the overall near-term technical advantage. 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 bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 4,320.75 and then at 4,350.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,275.00 and then at 4,250.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 3.5
September 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 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 the overnight high of 14,682.50 and then at 14,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 14,500.00 and then at 14,400.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0.
U.S. TREASURY BONDS AND NOTES FUTURES
September U.S. T-Bonds: Prices are solidly higher and hit a more-than five-month high in early U.S. trading. A nine-week-old price uptrend is in place on the daily chart and bulls have the solid overall near-term technical advantage. 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 bullish early today. Shorter-term technical resistance is seen at the overnight high of 165 1/32 and then at 165 16/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 163 26/32 and then at 163 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 7.0
September U.S. T-Notes: Prices are higher and hit a five-month high 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 bullish early today. Shorter-term resistance lies at 134.08.0 and then at 134.12.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.26.0 and then at 133.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 7.0
EURO CURRENCY
The September Euro currency futures are lower and hit a 3.5-month low in early U.S. trading. 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 bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1826 and then at 1.1864. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.1778 and then at the March low of 1.1746. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0
NYMEX CRUDE OIL
Nymex crude oil prices are sharply down and hit a four-week low in early U.S. trading. The shorter-term moving averages 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 (RSI and slow stochastics) are bearish early today. Look for buy stops to reside just above technical resistance at $71.00 and then at the overnight high of $71.67. Look for sell stops just below technical support at the overnight low of $69.61 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 3.5
GRAINS
U.S. grain futures were higher overnight. It’s “game on” again for a weather market in the grains. U.S. Midwest and northern Plains weather forecasts have turned more bullish as late-July into early August conditions in the Corn Belt are expected to be warmer and drier. The northern Plains remain scorched and the spring wheat crop is in very bad shape. Overall global supply and demand fundamentals in the grains still favor the bullish camp. 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
Global risk appetite may be waning now
Friday, July 16–Jim Wyckoff’s Morning Markets Report
Global stock markets were flat to narrowly mixed overnight. The U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins, in typically subdued summertime trading. While the Nasdaq and S&P stock indexes have hit record highs this week, it appears trader and investor enthusiasm may be losing momentum as the new Covid-19 strain is surging in regions of the world, including the U.S. Just when it appeared the pandemic was being tamped down in much of the world, it is flaring up again.
The U.S. data point of the day Friday is the retail sales report for June, seen down 0.4% from May and compares to a decline of 1.3% in May from April.
In other news, the Biden administration is warning U.S. businesses about operating in Hong Kong, amid mainland China’s tightening grip on the city.
Overnight, the Euro zone June consumer price index was reported up 0.3% from May and up 1.9%, year-on-year. Those numbers were in line with market expectations and much tamer than this week’s U.S. consumer price index numbers.
The key outside markets today see the U.S. dollar index slightly lower, while Nymex crude oil prices are firmer and trading around $72.00 a barrel. The 10-year U.S. Treasury note yield is presently fetching 1.324%.
Other U.S. economic data due for release Friday includes manufacturing and trade inventories, Treasury international capital data and the University of Michigan consumer sentiment survey.
–Jim
U.S. STOCK INDEXES
September S&P 500 e-mini futures: Prices are slightly up in early U.S. trading and not far below this week’s contract and record high. 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 4,384.50 and then at 4,400.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,332.50 and then at 4,300.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5
September Nasdaq index futures: Prices are firmer in early U.S. trading and not far below this week’s contract and record high. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above 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 and record high of 14,996.00 and then at 15,100.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 14,708.25 and then at 14,600.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
September U.S. T-Bonds: Prices are lower in early U.S. trading. A price uptrend is in place on the daily chart and bulls have the firm overall near-term technical advantage. 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 164 even and then at the July high of 164 30/32. Buy stops likely reside just above those levels. Shorter-term support lies at Thursday’s low of 162 25/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0
September 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 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 lies at this week’s high of 133.28.0 and then at the July high of 134.03.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at Thursday’s low of 133.14.0 and then at 133.08.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0
EURO CURRENCY
The September Euro currency futures are slightly lower in early U.S. trading. 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 early today. The Euro currency finds shorter-term technical resistance at Thursday’s high of 1.1864 and then at this week’s high of 1.1895. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1785 and then at 1.1750. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.5
NYMEX CRUDE OIL
Nymex crude oil prices are slightly up in early U.S. trading. The shorter-term moving averages 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 (RSI and slow stochastics) are neutral to bearish early today. Look for buy stops to reside just above technical resistance at Thursday’s high of $72.96 and then at $74.00. Look for sell stops just below technical support at the overnight low of $71.13 and then at the July low of $70.76. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
U.S. grain futures were firmer overnight. Grain market bulls have had a good week. Traders will continue to focus on U.S. Midwest and northern Plains weather forecasts, which for the Corn Belt have turned more bullish as late-July into early August conditions in the Corn Belt are expected to be warmer and drier. The northern Plains remain scorched and the spring wheat crop is in very bad shape. Overall global supply and demand fundamentals in the grains still favor the bullish camp.
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
Markets see Powell lean easy on monetary policy
Thursday, July 15–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed to weaker overnight. The U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The market place is digesting Federal Reserve Chairman Jerome Powell’s testimony to a House of Representatives committee on Wednesday. Powell leaned dovish on U.S. monetary policy by saying the Fed is still a ways off on tapering its bond-buying program (quantitative easing). He also said the U.S. central bank still believes rising inflation is only transitory. Powell speaks to a Senate committee today.
In overnight news, China’s economic growth pace slowed in the second quarter, at up 7.9%, year-on-year. That number is still strong by all standards but does hint that China’s strong economic rebound from the pandemic is leveling off. China’s GDP was up 18.3% in the first quarter. China also reported its industrial production rose a higher-than-expected 8.3% in June.
The new strain of Covid-19 continues to surge in some regions of the world, hitting Asia especially hard. This is reviving concerns that hard-hit countries’ economies will again start to suffer. This matter could put cap on global stock market rallies that have seen some major indexes hit record highs.
The key outside markets today see the U.S. dollar index slightly lower, while Nymex crude oil prices are lower and trading around $72.40 a barrel. The 10-year U.S. Treasury note yield is presently fetching 1.321%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Empire State manufacturing survey, the Philadelphia Fed business survey, import and export prices, and industrial production and capacity utilization.
–Jim
U.S. STOCK INDEXES
September S&P 500 e-mini futures: Prices are weaker in early U.S. trading and not far below Wednesday’s contract and record high. Mild profit taking is featured. Bulls still 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 bearish early today. Today, shorter-term technical resistance comes in at the contract high of 4,384.50 and then at 4,400.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,341.75 and then at 4,320.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5
September Nasdaq index futures: Prices are firmer in early U.S. trading and not far below Wednesday’s contract and record high. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above 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 and record high of 14,996.00 and then at 15,100.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 14,785.00 and then at 14,700.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
September U.S. T-Bonds: Prices are higher in early U.S. trading. A price uptrend is in place on the daily chart and bulls have the firm overall near-term technical advantage. 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 bullish early today. Shorter-term technical resistance is seen at the overnight high of 163 20/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 162 25/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
September U.S. T-Notes: 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. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at the overnight high of 133.26.0 and then at the July high of 134.03.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.15.5 and then at 133.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
EURO CURRENCY
The September Euro currency futures are slightly lower in early U.S. trading. 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 early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1864 and then at this week’s high of 1.1895. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1785 and then at 1.1750. 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. The shorter-term moving averages are neutral early today as the 4-day is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bearish early today. Look for buy stops to reside just above technical resistance at the overnight high of $72.96 and then at $74.00. Look for sell stops just below technical support at the overnight low of $71.68 and then at the July low of $70.76. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
U.S. grain futures were mostly lower overnight. Still, grain market bulls have had a good week, so far. Traders will continue to focus on U.S. Midwest and northern Plains weather forecasts, which for the Corn Belt have turned a bit more bullish as late-July into early August conditions in the Corn Belt are now expected to be warmer and drier. The northern Plains remain scorched and the spring wheat crop is in very bad shape. 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
Gold bulls show a little life
Gold prices have worked up from the June lows and bulls have gained some better strength. However, they have more work to do in the near term to start a price uptrend. Still, more price gains in the near term would start a fledgling price uptrend on the daily chart. Stay tuned!