Daily Morning Report

Thursday, December 28–Jim Wyckoff’s Morning Markets Report

Note: I am on vacation late this week. My friend and fellow analyst Ken Seehusen is producing my morning and afternoon reports. Ken’s format is a bit different than mine, but I think you will enjoy and benefit from his work.

The STOCK INDEXES

The STOCK INDEXES: The March NASDAQ 100 was higher overnight and sets the stage a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 16,627.59 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 17,158.50. Second resistance is unknown. First support is the 20-day moving average crossing at 16,627.59. Second support is the 50-day moving average crossing at 15,948.44.

The March S&P 500 was slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4728.52 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4841.50. Second resistance is unknown. First support is last-Wednesday’s low crossing at 4743.25. Second support is the 20-day moving average crossing at 4728.52.

INTEREST RATES 

INTEREST RATES: March T-bonds were lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October’s low, the June high crossing at 128-16 is the next upside target. Closes below the 20-day moving average crossing at 121-21 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the June-October decline crossing at 125-23. Second resistance is June’s high crossing at 128-16. First support is the 10-day moving average crossing at 124-05. Second support is the 20-day moving average crossing at 121-21.

March T-notes were lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October’s low, the 87% retracement level of the crossing at 113.140 is the next upside target. Closes below the 20-day moving average crossing at 111.220 would signal that a short-term top has been posted. First resistance is Wednesday’s high crossing at 113.120. Second resistance is the 87% retracement level of the crossing at 113.140. First support is the 10-day moving average crossing at 112.219. Second support is the 20-day moving average crossing at 111.220.

ENERGY MARKETS

ENERGIES: February crude oil was lower overnight as it consolidates some of the rally off December’s low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $72.60 would signal that a short-term top has been posted. If February extends the rally off December’s low, the 50-day moving average crossing at $76.62 is the next upside target. First resistance is the 50-day moving average crossing at $76.62. Second resistance is the November 30^th high crossing at $79.67. First support is the 20-day moving average crossing at $72.60. Second support is December’s low crossing at $67.98.

CURRENCIES  

CURRENCIES: The March Dollar was lower overnight as it extends the decline off November’s high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November’s high, the 87% retracement level of the July-October rally crossing at $99.783 is the next downside target. Closes above the 20-day moving average crossing at $102.387 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $101.478. Second resistance is the 20-day moving average crossing at $102.387. First support is the 87% retracement level of the July-October rally crossing at $99.783. Second support is July’s low crossing at $98.786.

The March Euro was slightly higher overnight as it tested the 75% retracement level of the July-October decline crossing at 1.11710. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the the rally off December’s low, the 87% retracement level of the July-October decline crossing at 1.12734 is the next upside target. Closes below the 20-day moving average crossing at 1.09515 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the July-October decline crossing at 1.11710. Second resistance is the 87% retracement level of the July-October decline crossing at 1.12734. First support is the 10-day moving average crossing at 1.10410. Second support is the 20-day moving average crossing at 1.09515.

GRAINS 

Grains: March corn was slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.86 1/2 would signal that a short-term low has been posted. If March renews this month’s decline, psychological support crossing at $4.50 is the next downside target. First resistance is the 50-day moving average crossing at $4.86 1/2. Second resistance is December’s high crossing at $4.93 3/4. First support is this month’s low crossing at $4.68 1/4. Second support is psychological support crossing at $4.50.

March wheat was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November’s low, the 38% retracement level of the July-November decline crossing at $6.53 is the next upside target. Closes below the 50-day moving average crossing at $6.04 1/2 would open the door for additional weakness near-term. First resistance is the 38% retracement level of the July-November decline crossing at $6.53. Second resistance is the August 23^rd high crossing at $6.68 3/4. First support is the 50-day moving average crossing at $6.04 1/2. Second support is November’s low crossing at $5.56 1/4.

March soybeans were slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $13.44 1/4 are needed to signal that a short-term low has been posted. If March renews the decline off the December 12^th high, the 50% retracement level of the May-July rally crossing at $12.87 is the next downside target. First resistance is the 50-day moving average crossing at $13.44 1/4. Second resistance is the December 12^th high crossing at $13.60. First support is the 50% retracement level of the May-July rally crossing at $12.87. Second support is the October 11^th low crossing at $12.82 1/2.

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, December 27–Jim Wyckoff’s morning markets report

Asian and European stock markets were mixed overnight. U.S. stock index futures are set to open narrowly mixed when the New York day session begins. It’s been a fairly quiet trading week so far, what with the Christmas holiday on Monday and no major economic data points up to mid-week.

Israel has stepped up its offensive in Gaza, which has the international community very concerned about the heavy loss of innocent lives. The Russia-Ukraine war is close to its second year of conflict, with Ukraine stepping up its attacks on Russian military assets.

The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are slightly down and trading around $75.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.87%.

U.S. economic data due out Wednesday is light and includes the weekly Johnson Redbook retail sales report and the Richmond Fed business survey.

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are near steady in early U.S. trading and not far below Tuesday’s contract high and high for the year. 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 contract high of 4,834.50 and then at 4,875.00. Support for active traders is seen at this week’s low of 4,800.25 and then at last week’s low of 4,743.25. Wyckoff’s Intra-day Market Rating: 5.5

March Nasdaq index futures: Prices are near steady in early U.S. trading after hitting a contract high and new yearly high Tuesday. 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 17,111.25 and then at 17,250.00. On the downside, shorter-term support is seen at this week’s low of 16,964.50 and then at week’s low of 16,850.00. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are firmer in early U.S. trading and near last week’s four-month high. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at last week’s high of 124 30/32 and then at 126 even. Shorter-term support lies at 124 even and then at last week’s low of 123 even. Wyckoff’s Intra-Day Market Rating: 6.0

March U.S. T-Notes: Prices are slightly firmer in early U.S. trading and not far below last week’s four-month high. 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 resistance lies at last week’s high of 113.04.5 and then at 113.16.0. Shorter-term technical support is seen at 112.16.0 and then at last week’s low of 112.06.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The March Euro currency futures are higher and hit a 4.5-month high in early U.S. trading. Bulls have the overall near-term technical advantage. 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 bullish early today. The Euro currency finds shorter-term technical resistance at 1.1150 and then at 1.1200. Shorter-term support is seen at this week’s low of 1.1048 and then at 1.1000. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

February Nymex crude oil prices are slightly down in early U.S. trading. 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 early today. Look for buy stops to reside just above technical resistance at this week’s high of $76.18 and then at $77.50. Look for sell stops just below technical support at $74.00 and then at $73.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

Grain futures prices were weaker in overnight trading. Not much new recently. Charts remain overall bearish for corn and wheat, but the recent price action in wheat markets suggest price bottoms are in place. Technicals are bearish for soybeans and fully bearish for meal and soybean oil, as all the soy markets are trending down on the daily bar charts.  

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, December 22–Jim Wyckoff’s morning markets report

Asian and European stock markets were mixed overnight. U.S. stock index futures are set to open slightly lower when the New York day session begins. Look for quieter trading on this last business day before the Christmas holiday next Monday.

The U.S. economic data point of the day is the personal income and outlays report for November and its personal consumption expenditures (PCE) inflation numbers, which the Federal Reserve watches closely. The core PCE index is expected to be up 3.3%, year-on-year compared to up 3.5% in the October report.

The Houthi missile and drone attacks on random ships in the Red Sea have prompted renewed inflation worries. And there are also worries about drought impacting the Panama Canal. Barrons today reported “ocean freight rates are surging, putting pressure on companies that rely on cheap shipping.” A U.S.-led military contingent is set to guard the Red Sea shipping route, but major shippers are leery that the contingent can stop every attack.

The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are firmer and trading around $74.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.867%.

Other U.S. economic data due out today includes durable goods orders, new residential sales and the University of Michigan consumer sentiment survey.

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are near steady in early U.S. trading. Prices hit a contract high and yearly high early Wednesday. However, prices then scored a bearish “key reversal” down, which is one clue that a market top is in place. The shorter-term moving averages (4-, 9- and 18-day) are still 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 contract high of 4,830.75 and then at 4,850.00. Support for active traders is seen at this week’s low of 4,743.25 and then at 4,700.00. Wyckoff’s Intra-day Market Rating: 5.0

March Nasdaq index futures: Prices are slightly lower in early U.S. trading. Prices Wednesday scored a bearish “key reversal” down, which is one clue that a market top is in place. 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. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at 17,000.00 and then at the contract high of 17,073.50. On the downside, shorter-term support is seen at this week’s low of 16,758.50 and then at 16,600. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are higher in early U.S. trading. Prices hit a four-month high Thursday. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s high of 124 30/32 and then at 126 even. Shorter-term support lies at 124 even and then at this week’s low of 123 even. Wyckoff’s Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are higher in early U.S. trading. Prices hit a four-month high Thursday. 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 resistance lies at this week’s high of 113.04.5 and then at 113.16.0. Shorter-term technical support is seen at 112.16.0 and then at this week’s low of 112.06.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The March Euro currency futures are firmer and hit a three-week high in early U.S. trading. Bulls have the overall near-term technical advantage. 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 bullish early today. The Euro currency finds shorter-term technical resistance at the November high of 1.1070 and then at 1.1100. Shorter-term support is seen at 1.1000 and then at this week’s low of 1.0935. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

February Nymex crude oil prices are firmer in early U.S. trading. 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 this week’s high of $75.37 and then at $77.00. Look for sell stops just below technical support at Thursday’s low of $72.44 and then at this week’s low of $70.99. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

Grain futures prices were near steady overnight. Look for quieter pre-holiday trading today. Charts remain overall bearish for corn and wheat, but the recent price action in wheat markets suggest price bottoms are in place. Technicals are bearish for soybeans and fully bearish for meal as those markets are trending down on the daily bar charts.  

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, December 21–Jim Wyckoff’s morning markets report

Asian and European stock markets were mixed overnight. U.S. stock index futures are set to open higher when the New York day session begins. The U.S. indexes on Wednesday hit new contract highs and highs for the year. However, prices then backed off sharply and scored bearish “key reversals” down on the daily bar charts. That’s one technical clue that near-term market tops are in place. However, solid gains in the indexes to end this week would quickly render the bearish chart patterns moot.

The sell off in the U.S. stock market Wednesday afternoon may have been due in part to worries about rising inflation as major shipping companies are now re-routing their vessels around one major shipping route—the Red Sea—due to Houthi attacks on ships. The new routes are much longer and will likely raise the cost of consumer goods. Reads a Dow Jones Newswire headline today: “Higher costs due to Red Sea disruptions expected to weigh on consumers.” There are also worries that a major U.S. military presence in the Middle East, including the Red Sea, could find the U.S. in a direct military conflict with Iran, which backs the Houthis. 

In other news, China’s media has reported China’s central bank is set to cut deposit rates for its state-owned banks on Friday.

The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly lower and trading around $74.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.888%.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, the final estimate of third-quarter GDP, including the inflation indexes, leading economic indicators, and the Kansas City Fed manufacturing survey.

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are higher in early U.S. trading after hitting a contract high and yearly high on Wednesday. Prices Wednesday scored a bearish “key reversal” down, which is one clue that a market top is in place. The shorter-term moving averages (4-, 9- and 18-day) are still 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 4,800.00 and then at the contract high of 4,830.75. Support for active traders is seen at this week’s low of 4,743.25 and then at 4,700.00. Wyckoff’s Intra-day Market Rating: 5.5

March Nasdaq index futures: Prices are higher in early U.S. trading. Prices Wednesday scored a bearish “key reversal” down, which is one clue that a market top is in place. 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 17,000.00 and then at Wednesday’s contract high of 17,073.50. On the downside, shorter-term support is seen at this week’s low of 16,758.50 and then at 16,600. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are weaker in early U.S. trading, on a corrective pullback after hitting a four-month high Wednesday. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s high of 124 24/32 and then at 125 even. Shorter-term support lies at this week’s low of 123 even and then at 122 even. Wyckoff’s Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are weaker in early U.S. trading after hitting a four-month high Wednesday. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at this week’s high of 112.31.5 and then at 113.10.0. Shorter-term technical support is seen at this week’s low of 112.06.0 and then at 112.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The March Euro currency futures are firmer in early U.S. trading. Bulls have the overall near-term technical advantage. 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 bullish early today. The Euro currency finds shorter-term technical resistance at the December high of 1.1053 and then at the November high of 1.1070. Shorter-term support is seen at this week’s low of 1.0935 and then at 1.0900. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

February Nymex crude oil prices are slightly lower in early U.S. trading. 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 neutral to bullish early today. Look for buy stops to reside just above technical resistance at this week’s high of $75.37 and then at $77.00. Look for sell stops just below technical support at $73.00 and then at this week’s low of $70.99. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

Grain futures prices were mixed but mostly weaker overnight. On tap today is the weekly USDA export sales report. Look for quieter pre-holiday trading the rest of this week. Charts remain overall bearish for corn and wheat, but the recent rallies in wheat markets suggest price bottoms are in place. Technicals are slightly bearish for soybeans and fully bearish for meal as those markets are trending down on the daily bar charts.  

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