Daily Morning Report

Friday, November 13–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed to lower overnight, while U.S. stock indexes are pointed toward higher openings when the New York day session begins. The marketplace has seen risk appetite dented late this week as the Covid-19 pandemic is raging in the U.S. and Europe. Families are facing the grim reality of spending the upcoming holidays apart.

A survey by Central Banking and Invesco says the Covid-19 pandemic has led to 23% of world central banks seeing gold as a more attractive asset, while the remaining 77% responded their view on gold had not changed. Central bankers generally expect their gold holdings to increase over the next year. General public investor demand for gold has been robust this year as the investing public still sees bullion as a safe-haven asset, the report said.

U.S. Treasury bond and note yields have backed off a bit Friday after rising to eight-month highs earlier this week. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.88% after pushing closer to 1.0% this week.

The U.S. dollar index is weaker early today. The other important outside market sees crude oil prices lower and trading around $40.50 a barrel.

U.S. economic data due for release Friday includes the producer price index, and the University of Michigan consumer sentiment survey. 

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are up in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher has created a bearish buying “exhaustion tail” on the daily bar chart, suggesting a near-term top is in place. 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 Wednesday’s high of 3,576.75 and then at 3,600.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 3,518.00 and then at this week’s low of 3,506.50. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are higher in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart. There is also the specter of a bearish double-top reversal on the daily chart. 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 early today. Shorter-term technical resistance is seen at 12,000.00 and then at 12,119.50. On the downside, shorter-term support is seen at the overnight low of 11,804.75 and then at 11,650.00. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly firmer in early U.S. trading, on short covering after hitting a contract low Wednesday. Bears have the solid 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. 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 the overnight high of 172 27/32 and then at 173 even. Shorter-term support lies at the overnight low of 172 even and then at 171 16/32. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are slightly firmer on short covering after hitting a five-month low on Wednesday. Bears have the firm 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. 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 138.10.5 and then at 138.16.0. Shorter-term technical support lies at 138.00.0 and then at 137.24.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are slightly higher in early U.S. trading. 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 to bullish early today. The Euro currency finds shorter-term technical resistance at 1.1853 and then at 1.1894. Shorter-term support is seen at this week’s low of 1.1753 and then at 1.1720. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

December Nymex crude oil prices are lower in early U.S. trading. Bulls have the near-term technical advantage. The shorter-term moving averages 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 (RSI and slow stochastics) are neutral to bearish early today. Look for buy stops to reside just above technical resistance at the overnight high of $40.94 and then at $42.00. Look for sell stops just below technical support at the overnight low of $40.16 and then at $40.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

US grain futures are mixed to weaker in early U.S. pre-market trading, on profit taking from recent strong gains. Corn and soybean futures this week hit new contract highs following a bullish USDA report this week and continued strong export demand for U.S. grains. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place in all three markets. Traders will closely examine this morning’s 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

Thursday, November 12–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight, while U.S. stock indexes are also mixed ahead of the New York day session. The U.S. has seen over 240,000 deaths and more than 10.3 million confirmed Covid-19 infections, with new cases soaring to all-time highs of well over 120,000 per day over the past week. The marketplace is paying more attention to the grim news as the likelihood of increasing business and public-gathering restrictions in the weeks and months ahead is rapidly growing. While news earlier this week of successful Covid vaccines coming on line in the coming months boosted trader and investor confidence, that initial euphoria has waned as the week has progressed.

The marketplace is also becoming increasingly concerned, although not seriously alarmed yet, about a smooth transition of power for the U.S. presidency. Outgoing President Trump is not conceding the election he lost and appears to be hampering President-elect Biden’s transition to power. Trump this week fired the U.S. military’s leader, defense secretary Mark Esper.

In overnight news, the Eurozone got some downbeat economic news, as its industrial output for September fell by 0.4% from August and was down 6.8%, year-on-year. Those numbers were weaker than expected.

U.S. Treasury bond and note yields have risen to eight-month highs this week, on the prospects for a solid U.S. economic recovery in the second half of 2021. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.94%.

The U.S. dollar index is weaker early today. The other important outside market sees crude oil prices slightly higher and trading around $41.50 a barrel.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the consumer price index, real earnings, the monthly Treasury budget statement and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly lower in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher has created a bearish buying “exhaustion tail” on the daily bar chart, suggesting a near-term top is in place. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at Wednesday’s high of 3,576.75 and then at 3,600.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 3,538.25 and then at this week’s low of 3,506.50. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are modestly higher in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart. There is also the specter of a bearish double-top reversal on the daily chart. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 12,000.00 and then at 12,119.50. On the downside, shorter-term support is seen at the overnight low of 11,781.25 and then at 11,650.00. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are firmer in early U.S. trading, on short covering after hitting a contract low Wednesday. Bears have the solid 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. 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 the overnight high of 171 7/32 and then at 172 even. Shorter-term support lies at the overnight low of 170 15/32 and then at 170 even. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are firmer on short covering after hitting a five-month low on Wednesday. Bears have the firm 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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at the overnight high of 137.27.5 and then at 138.00.0. Shorter-term technical support lies at the overnight low of 137.19.5 and then at 137.13.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are 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 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 1.1853 and then at 1.1894. Shorter-term support is seen at this week’s low of 1.1753 and then at 1.1720. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

December Nymex crude oil prices are near steady in early U.S. trading. Bulls have the firm near-term technical advantage. The shorter-term moving averages 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 (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at the overnight high of $41.94 and then at this week’s high of $43.06. Look for sell stops just below technical support at the overnight low of $41.00 and then at $40.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

US grain futures are mixed to weaker in early U.S. pre-market trading, on profit taking from recent strong gains. Corn and soybean futures this week hit new contract highs following a bullish USDA report this week and continued strong export demand for U.S. grains. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place in all three markets. There are no early clues to suggest the grain markets are close to topping out.

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, November 11–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed but mostly up overnight, while U.S. stock indexes are higher ahead of the New York day session. Monday’s news that Pfizer has produced a successful vaccine for Covid-19 has been followed by other firms saying they are also close to doing so. Russia has now also come out and claimed it has a vaccine that is 92% effective. The marketplace at mid-week is dealing with notions that as soon as the latter half of 2021, economies and humans’ way of life could be almost back to normal. But in the meantime, the coronavirus is rampant in the U.S., Europe and elsewhere. Many states in the U.S. are reporting hospitals are full—and it’s not even winter yet, when conditions are expected to be worse. The spike highs in the U.S. stock indexes Monday, on the initial euphoria surrounding a successful vaccine, could well be market tops that won’t get taken out any time soon.

U.S. Treasury bond and note yields have risen to eight-month highs this week, on the prospects for a solid U.S. economic recovery in 2021. The yield on the benchmark 10-year U.S. Treasury note futures is currently fetching 0.96%. The U.S. government and U.S. Treasury market are closed Wednesday for the Veterans Day holiday.

The U.S. dollar index is higher early today on a corrective bounce after hitting a nine-week low Monday. The other important outside market sees crude oil prices higher, hitting a nine-week high, and trading around $42.75 a barrel.

U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey. The U.S. government is closed today for Veterans Day.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are higher in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart, suggesting a near-term top is in place. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at 3,600.00 and then at 3,625.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 3,531.00 and then at Tuesday’s low of 3,506.50. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are higher in early U.S. trading. Bulls have the firm overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart. There is also the specter of a bearish double-top reversal on the daily chart. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at Tuesday’s high of 11,901.50 and then at 12,000.00. On the downside, shorter-term support is seen at the overnight low of 11,575.25 and then at Tuesday’s low of 11,503.25. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are weaker in early U.S. trading and hit a contract low overnight. Bears have the solid 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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) bearish early today. Shorter-term technical resistance is seen at the overnight high of 170 13/32 and then at 171 even. Shorter-term support lies at today’s contract low of 169 16/32 and then at 169 even. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are weaker and hit a five-month low in early U.S. trading. Bears have the firm 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. 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 137.17.5 and then at 137.24.0. Shorter-term technical support lies at the overnight low of 137.08.0 and then at 137.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are lower 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 below the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1841 and then at 1.1894. Shorter-term support is seen at the overnight low of 1.1770 and then at 1.1750. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

December Nymex crude oil prices are higher and hit a nine-week high in early U.S. trading. Bulls have firm near-term technical control. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at the overnight high of $43.06 and then at $44.00. Look for sell stops just below technical support at $42.00 and then at the overnight low of $41.45. Wyckoff’s Intra-Day Market Rating: 6.6

GRAINS

US grain futures are higher in early U.S. pre-market trading, on follow-through strength from good gains posted Tuesday following a bullish USDA supply and demand report. Corn and soybean futures hit new for-the-move highs. The Covid-19 vaccine news has boosted demand hopes for the grains. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place in all three markets. There are no early clues to suggest the grain markets are close to topping out.

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

Tuesday, November 10–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly up overnight, whiled U.S. stock indexes are also mixed to firmer ahead of the New York day session. The marketplace euphoria is not quite as strong Tuesday, following Monday’s news that a successful vaccine has been found for Covid-19. While that news is certainly a bright light in a dark period for the world, the markets on Tuesday are realizing there is still a very rough patch that lies ahead in dealing with the pandemic, both for major economies and human health.

The gold market has rebounded a bit from Monday’s strong losses that were the worst in seven years and pushed prices to nine-week lows. Gold market bulls on Tuesday are focusing more on the economic impact of record-setting monetary stimulus measures that have been enacted by central banks over the past six months, and probably more stimulus in the coming months. This scenario seems to be inviting some serious price inflation down the road—especially as recovering major world economies shift into higher gears in the coming months.

U.S. Treasury bond and note yields have risen to eight-month highs this week, on the prospects for a solid U.S. economic recovery in 2021. The yield on the benchmark 10-year U.S. Treasury note is currently fetching 0.94%.

The U.S. dollar index is higher early today on a corrective bounce after hitting a nine-week low Monday. The other important outside market sees crude oil prices higher and trading around $40.50 a barrel.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, and the IBD/TIPP economic optimism index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are near steady after hitting a new contract and record high on Monday. Bulls have the overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart.

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 neutral early today. Today, shorter-term technical resistance comes in at the overnight high of 3,562.75 and then at 3,600.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 3,511.25 and then at 3,500.00. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are solidly lower in early U.S. trading after hitting a nine-week high Monday. Bulls have the overall near-term technical advantage, but Monday’s low-range close after spiking higher created a bearish buying “exhaustion tail” on the daily bar chart. 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 to bearish early today. Shorter-term technical resistance is seen at overnight high of 11,901.50 and then at 12,000.00. On the downside, shorter-term support is seen at the overnight low of 11,553.00 and then at 11,400.00. Wyckoff’s Intra-Day Market Rating: 4.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are firmer in early U.S. trading, on short covering after hitting a multi-month low Monday. Bears have the 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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) bearish early today. Shorter-term technical resistance is seen at the overnight high of 171 14/32 and then at 172 even. Shorter-term support lies at this week’s low of 169 29/32 and then at 169 even. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are slightly up in early U.S. trading. Bears have near-term technical control. 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 137.29.5 and then at 138.00.0. Shorter-term technical support lies at the overnight low of 137.17.0 and then at this week’s low of 137.13.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are lower 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 below the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1853 and then at 1.1900. Shorter-term support is seen at the overnight low of 1.1788 and then at 1.1750. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

December Nymex crude oil prices are higher in early U.S. trading. Bulls have near-term technical control. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at Monday’s high of $41.33 and then at $42.00. Look for sell stops just below technical support at $40.00 and then at the overnight low of $39.41. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

US grain futures are higher in early U.S. pre-market trading, as the Covid-19 vaccine news has boosted demand hopes for the grains. The grain market bulls have the solid overall near-term technical advantage amid price uptrends in place in all three markets. On tap today is the monthly USDA supply and demand report, which is expected to favor the bulls, overall.

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