Daily Morning Report

Tuesday, May 4–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly flat overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. With no major geopolitical fires burning at present and Covid-19 mostly tamped down in most major economies, focus of traders and investors is on mostly upbeat quarterly corporate earnings reports and the still-easy monetary policies of the major central banks of the world. Those are bullish elements for the equities markets. So far, the markets are not paying much attention to the Covid crisis in India that continues to grow in magnitude.

In overnight news, Australia’s central bank left its monetary policy unchanged at its regular meeting Tuesday. The Royal Bank of Australia said it expects no rise in its interest rates until at least 2024. The RBA did not portray inflation as becoming problematic.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are higher, hit a six-week high, and  are trading around $65.60 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.621%. For perspective, the German 10-year bund is yielding -0.192% and the U.K. gilt is at 0.837%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, the international trade report, the IBD/TIPP economic optimism index, and manufacturers’ shipments and inventories.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly lower in early U.S. trading and still near last week’s contract and record high. Bulls have the strong overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. The 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 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 record high of 4,211.00 and then at 4,230.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at last week’s low of 4,163.75 and then at 4,150.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

June Nasdaq index futures: Prices are weaker and hit a two-week low 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 and 18-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 13,792.50 and then at Monday’s high of 13,947.50. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 13,700.50 and then at 13,600.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are weaker in early U.S. trading today. Bears 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 below the 9-day and 18-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 Monday’s high of 158 10/32 and then at the April high of 159 1/32. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’s low of 156 21/32 and then at last week’s low of 156 6/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

June 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 and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 132.11.5 and then at this week’s high of 132.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 132.00.0 and then at 131.24.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The June Euro currency futures are lower and hit a two-week low in early U.S. trading. 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 bearish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.2086 and then at 1.2100. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2000 and then at 1.1950. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

June Nymex crude oil prices are higher and hit a seven-week high in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 $66.00 and then at $67.00. Look for sell stops just below technical support at the overnight low of $64.29 and then at this week’s low of $62.91. Wyckoff’s Intra-Day Market Rating: 6.5

GRAINS

U.S. grain futures are higher to solidly higher in early U.S. pre-market trading, with corn leading the day. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place on the daily and the longer-term charts and prices near multi-year highs. Sellers in the grains are few, given the generally tight world supply and demand balance and the onset of the U.S. growing season for corn and soybeans. Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trends in the grains may change.

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, May 3–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes are pointed toward higher openings when the New York day session begins. U.S. traders and investors are upbeat to start the trading week, amid recent economic data that generally depicts strengthening U.S. business activity, and a drop in Covid-19 cases that suggests the pandemic is finally loosening its grip on the world’s largest economy.

There was also some upbeat news coming out of the Euro zone Monday. The region’s April manufacturing purchasing managers index (PMI) came in at 62.9 following a March reading of 62.5. A number above 50.0 suggests growth in the sector.

The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly lower and trading around $63.50 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.646%.  

It’s a busy day for U.S. economic data Monday, including the U.S. manufacturing purchasing managers index (PMI), the ISM report on business manufacturing, the global manufacturing PMI, construction spending and domestic auto industry sales. Federal Reserve Chairman Jerome Powell is also slated to give a speech this afternoon.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are higher in early U.S. trading and near last week’s contract and record high. Bulls have the strong overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. The 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 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 record high of 4,211.00 and then at 4,230.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at last week’s low of 4,163.75 and then at 4,150.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.5

June Nasdaq index futures: Prices are firmer in early U.S. trading. 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 bearish early today. Shorter-term technical resistance is seen at Friday’s high of 13,956.75 and then at the contract and record high of 14,064.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at last week’s low of 13,818.50 and then at 13,700.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are weaker in early U.S. trading today. Bears 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 below the 9-day and 18-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 157 24/32 and then at 158 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 156 21/32 and then at last week’s low of 156 6/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

June U.S. T-Notes: 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 and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 132.03.5 and then at 132.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 131.26.5 and then at last week’s low of 131.18.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The June Euro currency futures are firmer in early U.S. trading. 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 neutral early today. The Euro currency finds shorter-term technical resistance at 1.2100 and then at last week’s high of 1.2161. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.2023 and then at 1.20000. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

June Nymex crude oil prices are near steady in early U.S. trading. Bulls have the firm overall near-term technical advantage. 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 neutral early today. Look for buy stops to reside just above technical resistance at $64.00 and then at $65.00. Look for sell stops just below technical support at the overnight low of $62.91 and then at $62.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

U.S. grain futures are higher in early U.S. pre-market trading. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place on the daily and the longer-term charts and prices at or near multi-year highs. Sellers in the grains are few, given the generally tight world supply and demand balance and the onset of the U.S. growing season for corn and soybeans. Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trends in the grains may change.

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, April 30–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins on this last day of the month, on some profit taking after the major indexes hit new record highs on Thursday. Also, there is some trader and investor unease as the pandemic is still raging in some countries, including India and Brazil. There was also some downbeat economic data coming out of China Friday, as its manufacturing gauges fell due to computer chip shortages as well as supply chain and shipping logjams.

In other overnight news, Euro zone consumer price inflation for April rose 1.6%, year-on-year, following a 1.3% rise in March. The April number was a bit higher than expected but still not a figure that raises concerns.

The key outside markets today see the U.S. dollar index higher as the greenback is making a late-week rebound. Nymex crude oil prices are lower on profit taking after hitting a six-week high on Thursday and are trading around $63.80 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.645%.  

U.S. economic data due for release Friday includes personal income and outlays, the employment cost index, the Chicago ISM business survey, and the University of Michigan consumer sentiment survey.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are lower in early U.S. trading, on routine profit taking after hitting a contract and record high on Thursday. Bulls still have the strong overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. The 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 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 record high of 4,211.00 and then at 4,230.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,163.75 and then at 4,150.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

June Nasdaq index futures: Prices are weaker in early U.S. trading on some profit taking after hitting a record high Thursday. 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 bearish early today. Shorter-term technical resistance is seen at the overnight high of 13,948.50 and then at the contract and record high of 14,064.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 13,818.50 and then at 13,700.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are slightly up in early U.S. trading today. Bears have the firm overall near-term technical advantage and have regained momentum this week. 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 to bearish early today. Shorter-term technical resistance is seen at 157 24/32 and then at 158 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 156 27/32 and then at this week’s low of 156 6/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

June U.S. T-Notes: Prices are near steady in early U.S. trading. Bears have gained momentum this week. 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 to bearish early today. Shorter-term resistance lies at 132.06.5 and then at 132.12.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 131.26.0 and then at this week’s low of 131.18.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The June Euro currency futures are lower in early U.S. trading, on a routine downside correction after hitting a two-month high on Thursday. 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 bearish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.2161 and then at 1.2200. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.2067 and then at 1.20000. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

June Nymex crude oil prices are lower on profit taking after hitting a six-week high on Thursday. Bulls still have the firm overall near-term technical advantage. 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 neutral to bearish early today. Look for buy stops to reside just above technical resistance at $65.00 and then at this week’s high of $65.47. Look for sell stops just below technical support at $63.00 and then at $62.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures are weaker in early U.S. pre-market trading, on some end-of-the-month profit taking after strong gains posted recently. The grain market bulls still have the solid overall near-term technical advantage amid price uptrends in place on the daily and the longer-term charts. Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trends in the grains may change.

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, April 29–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward higher openings and new record highs for the S&P 500 when the New York day session begins. The marketplace is upbeat late this week after Wednesday’s conclusion of the FOMC meeting that saw the U.S. central bank keep its monetary policy very accommodative, and also after President Biden’s Wednesday evening address to Congress, in which he laid out plans for a massive $1.8 trillion economic stimulus program. “In this environment it is very difficult to be bearish,” said one stock market analyst. Federal Reserve Chairman Jerome Powell on Wednesday afternoon dismissed the notion of price inflation getting out of control, saying presently rising inflation levels are due to “transitory factors.”

Commodity market watchers may beg to differ with the Fed’s notion that accelerating inflation is just a temporary matter. Several markets this week, including grains, lumber, copper and coffee prices this week hit multi-year highs. Lumber prices have skyrocketed to record highs. The “reflation trade” has yet to significantly boost gold and silver prices, however, as traders are apparently assigning more market weight to those metals’ safe-haven status amid little risk aversion in the marketplace, as opposed to viewing the metals as a hard-asset hedge against inflation.

The key outside markets today see the U.S. dollar index a bit firmer. Nymex crude oil prices are higher, hit a six-week high overnight and are trading around $64.75 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.649%.  

U.S. economic data due for release Thursday includes the weekly jobless claims report, the first-quarter GDP report, and pending home sales.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are up in early U.S. trading and hit another contract and record high overnight. Bulls have the strong overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. The 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at the record high of 4,225.00 and then at 4,250.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,183.50 and then at this week’s low of 4,163.75. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 7.0

June Nasdaq index futures: Prices are higher in early U.S. trading and close to last week’s 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 bullish early today. Shorter-term technical resistance is seen at the contract and record high of 14,059.50 and then at 14,100.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 13,952.50 and then at this week’s low of 13,865.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are lower and hit a two-week low in early U.S. trading today. Bears have the overall near-term technical advantage and have regained momentum this week. 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 the overnight high of 157 20/32 and then at 158 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 156 25/32 and then at 156 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

June U.S. T-Notes: Prices are lower in early U.S. trading. Bears are gaining momentum this week. 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 lies at the overnight high of 132.05.5 and then at 132.10.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 131.23.0 and then at 131.16.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The June Euro currency futures are near steady in early U.S. trading after hitting a two-month high overnight. 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 neutral early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2161 and then at 1.2200. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2100 and then at this week’s low of 1.2067. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

June Nymex crude oil prices are up and hit a six-week high in early U.S. trading. Bulls have the firm overall near-term technical advantage and they are having a good week. 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 $65.00 and then at $66.00. Look for sell stops just below technical support at the overnight low of $63.65 and then at $63.00. Wyckoff’s Intra-Day Market Rating: 6.5

GRAINS

U.S. grain futures are mixed but mostly higher in early U.S. pre-market trading. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place on the daily and the longer-term charts. On tap today is the weekly USDA export sales report.

Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trends in the grains may change.

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