Daily Morning Report

Monday, April 12–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins, on a routine corrective pullback from recent gains that put the indexes at record highs last week.

Markets are not paying much attention to Federal Reserve Chairman Jerome Powell’s comments on the “60 Minutes” TV show Sunday evening, in which has reiterated the U.S. central bank will continue to support the economy until its fully recovered from the pandemic. He said it will “be a while” before the Fed raises interest rates.

Middle East tensions have up-ticked early this week on reports that a major uranium-enrichment facility in Iran was hit by a damaging cyberattack, likely coming from Israel. Major damage was reported.

In another sign of rising and possibly problematic price inflation from the world’s major economies, reports say China is considering implementing price controls due to rising commodity prices. Reports also say China’s central bank wants to tighten lending standards.

The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are firmer and trading around $60.00 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.65%.

There is no major U.S. economic data due for release Monday but the pace picks up Tuesday, including the consumer price index report for March.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly down in early U.S. trading and not far below last 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. 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 record high of 4,121.50 and then at 4,150.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Friday’s low of 4,081.00 and then at 4,050.00. Wyckoff’s Intra-day Market Rating: 4.5

June Nasdaq index futures: Prices are slightly weaker in early U.S. trading after hitting a seven-week high Friday. 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 to bearish early today. Shorter-term technical resistance is seen at last week’s high of 13,841.75 and then at the record high of 13,888.00. On the downside, shorter-term support is seen at Friday’s low of 13,648.25 and then at 13,500.00. Wyckoff’s Intra-Day Market Rating: 4.5.

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 overall near-term technical advantage. However, recent sideways price action at lower levels may be “basing” that puts in a market bottom. 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 early today. Shorter-term technical resistance is seen at last week’s high of 157 4/32 and then at 157 8/32. Shorter-term support lies at 156 even and then at last week’s low of 155 6/32. Wyckoff’s Intra-Day Market Rating: 5.5

June U.S. T-Notes: Prices are 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 and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at last week’s high of 132.03.0 and then at 132.09.5. Shorter-term technical support lies at 131.15.0 and then at 131.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The June Euro currency futures are slightly higher in early U.S. trading. 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 even with 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 last week’s high of 1.1943 and then at 1.1975. Shorter-term support is seen at the overnight low of 1.1886 and then at 1.1850. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

May Nymex crude oil prices are firmer in early U.S. trading. Bulls have the overall near-term technical advantage but trading has been choppy and sideways. The shorter-term moving averages are neutral early today as the 4-day is even with the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at $61.00 and then at $62.00. Look for sell stops just below technical support at the overnight low of $57.73 and then at the March low of $57.25. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures are mixed to weaker in early U.S. pre-market trading. Corn and soybean bulls are in solid technical command. Wheat bulls have bounced back a bit and wheat will remain a follower. Weather in the U.S. midsection will be market-sensitive in the coming weeks as corn planters start to roll. 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, April 9–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. Risk appetite remains generally keener at present, with no major geopolitical flare-ups spooking the marketplace.

A feature this week has been Wednesday’s minutes of the last Federal Reserve Open Market Committee (FOMC) meeting that took place in March, which saw the Fed reiterating it will keep its monetary policy very accommodative for some time to come. Wharton professor Jeremey Siegel on Thursday said Federal Reserve Chairman Jerome Powell is the most dovish Fed chair ever. In Powell’s defense, how many other Fed chiefs have had to deal with a pandemic that severely crippled the U.S. and the global economies, and still has both hobbled. Said a Bloomberg email dispatch this morning: “The reason why ‘don’t fight the Fed’ has been such a popular mantra for decades is that it prevents investors from losing lots of money. Even with that rich history, bond traders staged a mini-coup this year and priced in a far more aggressive path of Fed hikes than policy makers have indicated. Now it seems those intrepid traders are starting to capitulate. Treasuries have rallied in a big way this week, with five- and seven-year notes absorbing the bulk of that demand, suggesting that bets on Fed hikes are starting to be pared back.” Still, this 35-plus year market watcher thinks the inflation genie is out of the bottle (Ask anyone building or remodeling a home or business about material costs.) and that bond yields will have to continue to rise in the coming months, along with interest rates. China’s stock market was pressured Friday on a higher-than-expected inflation report. Some analysts reckon any spread of problematic global inflation will originate in China.

There was more civil unrest and rioting in Northern Ireland Friday, which the marketplace is continuing to monitor. Not a major market issue yet, but many believe the situation could get worse as the U.K. tries to figure out what to do with the rules of the region, post-Brexit.

The key outside markets today see the U.S. dollar index firmer on a bounce after solid selling pressure seen much of this week. Nymex crude oil prices are slightly up and trading around $59.75 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.66%.

U.S. economic data due for release Friday includes the producer price index and monthly wholesale trade.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly up in early U.S. trading and hit another 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. 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 overnight record high of 4,102.50 and then at 4,125.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,050.00 and then at this week’s low of 4,021.00. Wyckoff’s Intra-day Market Rating: 6.5

June Nasdaq index futures: Prices are slightly weaker in early U.S. trading after hitting a seven-week high overnight. 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 overnight high of 13,841.75 and then at the record high of 13,888.00. On the downside, shorter-term support is seen at Thursday’s low of 13,615.50 and then at 13,512.50. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are lower in early U.S. trading today. Bears have the firm overall near-term technical advantage. However, recent sideways price action at lower levels may be “basing” that puts in a market bottom. 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 early today. Shorter-term technical resistance is seen at the overnight high of 157 4/32 and then at 157 8/32. Shorter-term support lies at this week’s low of 155 6/32 and then at 155 even. Wyckoff’s Intra-Day Market Rating: 4.0

June U.S. T-Notes: Prices are solidly 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 and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at this week’s high of 132.03.0 and then at 132.09.5. Shorter-term technical support lies at 131.16.0 and then at 131.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 3.5

EURO CURRENCY

The June Euro currency futures are lower in early U.S. trading. Bulls still had a good week to begin to suggest a near-term market bottom is in place. 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 early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1943 and then at 1.1975. Shorter-term support is seen at 1.1876 and then at 1.1850. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

May Nymex crude oil prices are near steady in early U.S. trading. Bulls have the overall near-term technical advantage but trading has been choppy and sideways. 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 Tuesday’s high of $60.90 and then at $62.00. Look for sell stops just below technical support at this week’s low of $57.63 and then at the March low of $57.25. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

U.S. grain futures are mostly firmer in early U.S. pre-market trading. Corn and soybean bulls are in solid technical command and have gained fresh power this week. Wheat bulls have bounced back a bit and wheat will remain a follower. Focus of grain traders is on the late-morning monthly USDA supply and demand report, which is expected to be bullish. Weather in the U.S. midsection will be market-sensitive in the coming weeks.

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 8–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. The Dow and S&P 500 indexes have hit record highs this week. Traders and investors continue to exhibit a little risk aversion and that is boosting the equity markets.

The Wednesday afternoon release of the minutes of the last Federal Reserve Open Market Committee (FOMC) meeting that took place in March showed no surprises and the takeaway was that the Fed will keep its monetary policy very accommodative for some time to come. Federal Reserve Chairman Jerome Powell is scheduled to speak Thursday at midday at an International Monetary Fund event.

There was civil unrest and rioting in Northern Ireland Thursday, which the marketplace will continue to monitor. Many believe the situation could get worse as the U.K. tries to figure out what to do with the rules of the region, post-Brexit.

In other overnight news, the Euro zone producer price index rose 0.5% in February from January and was up 1.5%, year-on-year.

The key outside markets today see the U.S. dollar index weaker as the greenback bulls are fading this week. Nymex crude oil prices are lower and trading around $59.30 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.646%.

U.S. economic data due for release Thursday includes the weekly jobless claims report and monthly chain store 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. 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. 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 overnight record high of 4,092.75 and then at 4,100.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,021.00 and then at 4,000.00. Wyckoff’s Intra-day Market Rating: 6.5

June Nasdaq index futures: Prices are higher in early U.S. trading and hit a six-week 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 13,800.00 and then at the record high of 13,888.00. On the downside, shorter-term support is seen at the overnight low of 13,615.50 and then at 13,512.50. Wyckoff’s Intra-Day Market Rating: 6.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are a bit firmer in early U.S. trading today. Bears still 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 this week’s high of 157 2/32 and then at 157 8/32. Shorter-term support lies at the overnight low of 155 30/32 and then at this week’s low of 155 6/32. Wyckoff’s Intra-Day Market Rating: 5.5

June U.S. T-Notes: Prices are slightly firmer 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 131.30.5 and then at 132.00.0. Shorter-term technical support lies at the overnight low of 131.21.0 and then at 131.16.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The June Euro currency futures are slightly lower in early U.S. trading. Bulls are having a very good week to begin to suggest a near-term market bottom is in place. 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 1.1931 and then at 1.1975. Shorter-term support is seen at 1.1850 and then at 1.1811. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

May Nymex crude oil prices are weaker in early U.S. trading. Bulls have the overall near-term technical advantage but trading has been choppy and sideways. 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 Tuesday’s high of $60.90 and then at $62.00. Look for sell stops just below technical support at this week’s low of $57.63 and then at the March low of $57.25. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures are again mixed in early U.S. pre-market trading. Corn and soybean bulls are still in technical command. Wheat bulls have faded and wheat remains a follower. Focus of grain traders is on this morning’s weekly USDA export sales report, on U.S. Corn Belt weather conditions and early planting progress, and on Friday’s monthly USDA supply and demand report.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Wednesday, April 7–Jim Wyckoff’s Morning Markets Report

Global stock markets were flat to narrowly mixed overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. The Dow and S&P 500 indexes have hit record highs this week. Traders and investors continue to exhibit a “risk-on” mentality that is boosting the equity markets.

The marketplace did not pay much attention to reports an Iranian-backed ship anchored in the Red Sea off the coast of Yemen was attacked. Many believe the assault came from Israel.

In other news, JP Morgan CEO Jamie Dimon said in his annual letter to his shareholders that the U.S. economy is emerging from the pandemic in strong fashion and that the economic boom could last until 2023. He said a “Goldilocks moment” is coming fast, amid sustained economic growth and non-problematic inflation.

The U.S. economic data highlight at mid-week will be the release of the minutes of the last Federal Reserve Open Market Committee (FOMC) meeting, at 2:00 p.m. EDT.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are higher and trading around $59.80 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.65%.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the international trade report, consumer credit, the global services PMI and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly up in early U.S. trading and near 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. 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 record high of 4,076.00 and then at 4,100.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,021.00 and then at 4,000.00. Wyckoff’s Intra-day Market Rating: 5.5

June Nasdaq index futures: Prices are slightly up in early U.S. trading and near this week’s six-week 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 this week’s high of 13,655.00 and then at 13,750.00. On the downside, shorter-term support is seen at 13,500.00 and then at 13,400.00. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are a bit firmer in early U.S. trading today. Bears still 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 157 2/32 and then at 157 8/32. Shorter-term support lies at 156 even and then at this week’s low of 155 6/32. Wyckoff’s Intra-Day Market Rating: 5.5

June 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 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 the overnight high of 131.30.0 and then at 132.00.0. Shorter-term technical support lies at the overnight low of 131.18.5 and then at 131.12.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The June Euro currency futures are higher in early U.S. trading. Bulls are having a very good week to begin to suggest a near-term market bottom is in place. 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 1.1950 and then at 1.1975. Shorter-term support is seen at the overnight low of 1.1880 and then at 1.1850. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

May Nymex crude oil prices are firmer in early U.S. trading. Bulls have the overall near-term technical advantage but trading has been choppy and sideways. 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 Tuesday’s high of $60.90 and then at $62.00. Look for sell stops just below technical support at the overnight low of $58.78 and then at this week’s low of $57.63. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures are again mixed in early U.S. pre-market trading. Corn and soybean bulls are still in command. Wheat remains the follower. Focus of grain traders is now on U.S. Corn Belt weather conditions and early planting progress and Friday’s monthly USDA supply and demand report.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff