U.S. Treasury bond yields are on the rise again and the U.S. Treasury 10-year Treasury note yield hit 1.74% Thursday–the highest level in well over a year. The FOMC this week left U.S. monetary policy unchanged, as expected. The Fed funds rate is seen at median 0.1% until the end of 2023. The Fed added U.S. economic growth and inflation prospects are picking up steam. The Fed raised its U.S. GDP projection to 6.5% growth in 2021, from 4.2%, and sees inflation at 2.4% annually in 2021, versus its last estimate of up 1.8%. The marketplace deemed the FOMC meeting as favoring the dovish side of monetary policy more than expected. Many veteran market watchers think the Fed will be forced to raise U.S. interest rates before the two-year window has ended, given the present trajectory of U.S. inflation. It appears the inflation genie is already out of the bottle. Stay tuned!– Jim
Daily Morning Report
Fed goes easy on money policy, bond yields spike up
Thursday, March 18–Jim Wyckoff’s Morning Markets Report
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward mixed to lower openings when the New York day session begins, on some mild profit taking after the Dow and S&P 500 stock indexes hit record highs Wednesday.
U.S. Treasury bond yields are on the rise again and the U.S. Treasury 10-year Treasury note yield hit 1.74% overnight–the highest level in well over a year. This is giving U.S. stock market traders pause Thursday morning.
Traders and investors are still digesting the Federal Reserve’s two-day Open Market Committee (FOMC) meeting that ended Wednesday afternoon. The FOMC statement said U.S. monetary policy had not changed, as expected (Fed funds rate seen at median 0.1% until the end of 2023.), but added U.S. economic growth and inflation prospects are picking up steam. The Fed raised its U.S. GDP projection to 6.5% growth in 2021, from 4.2%, and sees inflation at 2.4% annually in 2021, versus its last estimate of up 1.8%. The central bank said it will continue its present bond-buying program (quantitative easing) until substantial further progress is made on the Fed’s economic goals. The marketplace deemed the FOMC meeting and Fed Chairman Powell’s remarks in his press conference as favoring the dovish side of monetary policy more than expected, and a goldilocks scenario for the stock market. Still, many veteran market watchers think the Fed will be forced to raise U.S. interest rates before the two-year window has ended, given the present trajectory of U.S. inflation.
On the geopolitical front, the markets are not reacting much to news that President Biden has labeled Russian President Putin a “killer.”
The key “outside markets” today see Nymex crude oil futures prices a bit lower and trading around $64.35 a barrel. Meantime, the U.S. dollar index is firmer early today.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, and leading economic indicators.
–Jim
U.S. STOCK INDEXES
June S&P 500 e-mini futures: Prices are weaker in early U.S. trading after hitting 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 early today. Today, shorter-term technical resistance comes in at the overnight contract high of 3,978.50 and then at 4,000.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 3,913.00 and then at 3,900.00. Wyckoff’s Intra-day Market Rating: 4.5
June Nasdaq index futures: Prices are lower in early U.S. trading, on a corrective pullback from recent solid gains. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is even with the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 13,150.00 and then at this week’s high of 13,287.25. On the downside, shorter-term support is seen at 13,000.00 and then at this week’s low of 12,862.50. Wyckoff’s Intra-Day Market Rating: 4.0.
U.S. TREASURY BONDS AND NOTES FUTURES
June U.S. T-Bonds: Prices are lower and hit a contract low in early U.S. trading. Bears have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 154 even and then at 155 even. Shorter-term support lies at the overnight contract low of 153 13/32 and then at 153 even. Wyckoff’s Intra-Day Market Rating: 3.0
June U.S. T-Notes: Prices are lower and hit a contract low in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at 131.16.0 and then at 131.24.0. Shorter-term technical support lies at the contract low of 131.05.5 and then at 131.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 3.0
EURO CURRENCY
The June Euro currency futures are lower in early U.S. trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is above 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 last week’s high of 1.2014 and then at 1.2050. Shorter-term support is seen at this week’s low of 1.1905 and then at the March low of 1.1861. Wyckoff’s Intra Day Market Rating: 4.0
NYMEX CRUDE OIL
April Nymex crude oil prices are near steady in early U.S. trading. Bulls still have the solid overall near-term technical advantage amid a price uptrend in place on the daily chart. The shorter-term moving averages are neutral early today as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bearish 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 this week’s low of $63.60 and then at $63.13. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
U.S. grain futures are weaker in early U.S. pre-market trading. Trading remains choppy as the grain traders await the very important March 31 USDA planting intentions and quarterly grains stocks reports. Grain market bulls still have the firm overall near-term technical advantage as prices are still mostly trending up—both on a near-term and longer-term basis. 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
FOMC meeting conclusion awaited at mid-week
Wednesday, March 17–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. U.S. Treasury bond yields are on the rise again and that is giving stock markets pause. The U.S. Treasury 10-year Treasury note is presently yielding 1.641%.
Traders at mid-week are squarely focused on the Federal Reserve’s two-day Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and new U.S. economic projections, as well as a press conference from Fed Chairman Jerome Powell. While no change in U.S. monetary policy is expected at this week’s meeting, traders will be closely scrutinizing the Fed’s wording and Powell’s comments regarding U.S. and global economic growth and inflation prospects.
An inflation reading coming out of the Euro Zone today continues to show very tame prices. The February consumer price index came in up 0.2% from January and up 0.9%, year-on-year. Those numbers were in line with market expectations.
The key “outside markets” today see Nymex crude oil futures prices lower and trading around $64.30 a barrel. Meantime, the U.S. dollar index is just a bit lower early today.
Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, new residential construction and the weekly DOE liquid energy stocks report.
–Jim
U.S. STOCK INDEXES
June S&P 500 e-mini futures: Prices are near steady in early U.S. trading and trading just below Tuesday’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 3,970.75 and then at 4,000.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 3,913.00 and then at 3,900.00. Wyckoff’s Intra-day Market Rating: 5.0
June Nasdaq index futures: Prices are slightly down in early U.S. trading, on a mild corrective pullback from recent solid gains. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the overnight high of 13,173.75 and then at this week’s high of 13,287.25. On the downside, shorter-term support is seen at 13,000.00 and then at 12,900.00. Wyckoff’s Intra-Day Market Rating: 4.5.
U.S. TREASURY BONDS AND NOTES FUTURES
June U.S. T-Bonds: Prices are lower in early U.S. trading and near the recent contract low. Bears have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 156 4/32 and then at this week’s high of 156 20/32. Shorter-term support lies at the contract low of 155 12/32 and then at 155 even. Wyckoff’s Intra-Day Market Rating: 4.0
June U.S. T-Notes: Prices are lower in early U.S. trading and near the recent contract low. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 131.31.0 and then at this week’s high of 132.05.5. Shorter-term technical support lies at the contract 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 slightly firmer in early U.S. trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is even with 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 this week’s high of 1.1990 and then at last week’s high of 1.2014. Shorter-term support is seen at this week’s low of 1.1905 and then at the March low of 1.1861. Wyckoff’s Intra Day Market Rating: 5.0
NYMEX CRUDE OIL
April Nymex crude oil prices are weaker in early U.S. trading on more profit taking. Bulls still have the solid overall near-term technical advantage amid a price uptrend in place on the daily chart. 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 $65.00 and then at the overnight high of $65.34. Look for sell stops just below technical support at this week’s low of $63.80 and then at $63.13. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
U.S. grain futures are steady to lower in early U.S. pre-market trading. Not much new. Trading remains choppy as the grain traders await the very important March 31 USDA planting intentions and quarterly grains stocks reports. Grain market bulls still have the firm overall near-term technical advantage as prices are still mostly trending up—both on a near-term and longer-term basis.
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 still trapped in a downtrend
The gold market bears remain in firm near-term technical control as prices are in a nine-week-old downtrend on the daily bar chart. Bulls have gained just a bit of momentum recently by pushing prices up from the March low. If they show more power this week and break above the uptrend line, such would suggest a near-term market bottom is in place. Stay tuned!– Jim
Busy U.S. data day Tuesday
Tuesday, March 16–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed but mostly higher overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The Dow and the S&P 500 are trading at record highs.
It’s a very busy day for U.S. economic data released Tuesday, including the weekly Goldman Sachs and Johnson Redbook retail sales reports, retail sales, import and export prices, industrial production and capacity utilization, the NAHB housing market index, and manufacturing and trade inventories. But the highlight of this busy day will be retail sales, seen coming in at down 0.5% in February, likely due to inclement weather conditions during the month.
The Federal Reserve’s two-day Open Market Committee (FOMC) meeting begins Tuesday morning and ends Wednesday afternoon with a statement and new U.S. economic projections. While no change in U.S. monetary policy is expected at this week’s meeting, traders will be closely scrutinizing wording on the Fed’s economic growth and inflation prospects.
The key “outside markets” today see Nymex crude oil futures prices lower and trading around $64.40 a barrel. Meantime, the U.S. dollar index is just a bit higher early today. The U.S. Treasury 10-year Treasury note is presently yielding 1.603%.
–Jim
U.S. STOCK INDEXES
June S&P 500 e-mini futures: Prices are near steady in early U.S. trading and hit another contract 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 bullish early today. Today, shorter-term technical resistance comes in at 3,975.00 and then at 4,000.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Monday’s low of 3,913.00 and then at 3,900.00. Wyckoff’s Intra-day Market Rating: 6.0
June Nasdaq index futures: Prices are slightly up and hit a two-week high in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the overnight high of 13,168.00 and then at 13,250.00. On the downside, shorter-term support is seen at the overnight low of 13,048.25 and then at 13,000.00. Wyckoff’s Intra-Day Market Rating: 6.0.
U.S. TREASURY BONDS AND NOTES FUTURES
June U.S. T-Bonds: Prices are firmer in early U.S. trading on short covering. Bears have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at 156 24/32 and then at 157 even. Shorter-term support lies at the overnight low of 155 31/32 and then at the contract low of 155 12/32. Wyckoff’s Intra-Day Market Rating: 5.5
June U.S. T-Notes: Prices are firmer in early U.S. trading on short covering. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at the overnight high of 132.04.5 and then at 132.08.0. Shorter-term technical support lies at the contract 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: 5.5
EURO CURRENCY
The June Euro currency futures are firmer in early U.S. trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is 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 1.2000 and then at last week’s high of 1.2014. Shorter-term support is seen at Monday’s low of 1.1934 and then at 1.1900. Wyckoff’s Intra Day Market Rating: 5.5
NYMEX CRUDE OIL
April Nymex crude oil prices are lower in early U.S. trading on profit taking. Bulls still have the solid overall near-term technical advantage amid a price uptrend in place on the daily chart. 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 bearish early today. Look for buy stops to reside just above technical resistance at $65.00 and then at the overnight high of $65.43. Look for sell stops just below technical support at $64.00 and then at $63.00. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
U.S. grain futures are mixed to lower in early U.S. pre-market trading. Trading has been choppy and it could be that markets remain that way up until the very important March 31 USDA planting intentions and quarterly grains stocks reports. Grain market bulls still have the firm overall near-term technical advantage as prices are still mostly trending up—both on a near-term and longer-term basis.
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
Upbeat attitudes to start trading week Monday
Monday, March 15–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Investors and traders to start the trading week are more focused on better global economic growth prospects and the pandemic being tamped down by rising vaccination levels, and less focused on rising government bond yields that have at times recently produced speed bumps for the stock market bulls. The benchmark 10-year U.S. Treasury note yield is presently fetching 1.613%.
U.S. Treasury Secretary Janet Yellen said Sunday the U.S. inflation risk is small and manageable. The Federal Reserve’s two-day Open Market Committee (FOMC) meeting begins Tuesday morning and ends Wednesday afternoon with a statement and new U.S. economic projections. While no change in U.S. monetary policy is expected at this week’s meeting, traders will be closely scrutinizing wording on the Fed’s economic growth and inflation prospects.
In overnight news, China’s retail sales in January and February were up 34% from the same period last year. Industrial output was up 35% in the period. The data from China’s National Bureau of Statistics underscores notions the world’s second-largest economy is roaring full speed ahead.
The key “outside markets” today see Nymex crude oil futures prices firmer and trading around $65.88 a barrel. Meantime, the U.S. dollar index is a bit higher early today.
U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey and Treasury international capital data. The pace of U.S. data really picks up Tuesday, including the FOMC meeting.
–Jim
U.S. STOCK INDEXES
June S&P 500 e-mini futures: Prices are modestly up 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 neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at last week’s record high of 3,949.00 and then at 3,975.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Friday’s low of 3,900.75 and then at 3,883.25. Wyckoff’s Intra-day Market Rating: 6.0
June Nasdaq index futures: Prices are slightly up in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at 13,000.00 and then at last week’s high of 13,110.50. On the downside, shorter-term support is seen at the overnight low of 12,682.50 and then at 12,500.00. Wyckoff’s Intra-Day Market Rating: 6.0.
U.S. TREASURY BONDS AND NOTES FUTURES
June U.S. T-Bonds: Prices are firmer in early U.S. trading and near the contract low set last Friday. Bears have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below 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 technical resistance is seen at 156 16/32 and then at 157 even. Shorter-term support lies at the contract low of 155 12/32 and then at 155 even. Wyckoff’s Intra-Day Market Rating: 5.5
June U.S. T-Notes: Prices are firmer in early U.S. trading and near Friday’s contract low. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at the overnight high of 132.00.5 and then at 132.08.0. Shorter-term technical support lies at the contract 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: 5.5
EURO CURRENCY
The June Euro currency futures are weaker in early U.S. trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is even with 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 1.2000 and then at last week’s high of 1.2014. Shorter-term support is seen at Friday’s low of 1.1933 and then at 1.1900. Wyckoff’s Intra Day Market Rating: 4.5
NYMEX CRUDE OIL
April Nymex crude oil prices are firmer in early U.S. trading. Bulls have the solid overall near-term technical advantage amid a price uptrend in place on the daily chart. 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 the overnight high of $66.40 and then at $67.00. Look for sell stops just below technical support at $65.00 and then at $64.00. Wyckoff’s Intra-Day Market Rating: 5.5
GRAINS
U.S. grain futures are mixed to lower in early U.S. pre-market trading. Not much new. It could be that markets will pause and remain choppy and sideways up until the March 31 USDA planting intentions and quarterly grains stocks reports. Grain market bulls still have the firm overall near-term technical advantage as prices are still mostly trending up—both on a near-term and longer-term basis. 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