The Nymex crude oil futures market has backed off recently, which has allowed the bears to keep their near-term technical advantage. That means the path of least resistance for oil prices in the near term will remain sideways to lower. Stay tuned. Jim Wyckoff
Daily Morning Report
Calmer start to trading week
Monday, October 17–Jim Wyckoff’s Morning Markets Report
Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. Stock traders continue to focus on corporate earnings reports.
Markets are somewhat calmer to start the trading week as the new U.K. Treasury chief, Chancellor of the Exchequer Jeremy Hunt, affirmed Britain will roll back nearly all of its previously announced tax-cut plans that had been roiling financial markets for three weeks and said some spending will have to be cut.
China’s five-year communist party plenum is under way, with Chinese President Xi Jinping saying his zero-Covid policy will continue and so will a tough line on Taiwan. Xi said his policies of a firm-handed rule at home and a more powerful China abroad will continue.
Meantime, a Wall Street Journal survey of economists finds the group expecting a better than 50-50 chance for a U.S. economic recession in the next year. The survey said odds of a recession in that timeframe are now 63% versus a 49% chance the group saw in a July survey.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly up and trading around $86.00 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.966%.
U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey.
–Jim
U.S. STOCK INDEXES
December S&P 500 e-mini futures: Prices are higher in early U.S. trading, on more short covering. Bears still have the firm overall near-term technical advantage amid a two-month-old price downtrend in place on the daily bar chart. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at last week’s high of 3,733.75 and then at 3,750.00. Support for active traders is seen at the overnight low of 3,590.50 and then at 3,550.00. Wyckoff’s Intra-day Market Rating: 6.0
December Nasdaq index futures: Prices are higher in early U.S. trading, on more short covering. Prices remain in a two-month-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below 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 last week’s high of 11,253.50 and then at 11,500.00. On the downside, shorter-term support is seen at the overnight low of 10,713.00 and then at 10,500.00. Wyckoff’s Intra-Day Market Rating: 6.0.
U.S. TREASURY BONDS AND NOTES FUTURES
December U.S. T-Bonds: Prices are higher in early U.S. trading, on short covering. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bears have the solid 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 last week’s high of 125 31/32 and then at 127 even. Shorter-term support lies at the overnight low of 123 14/32 and then at the contract low of 122 28/32. Wyckoff’s Intra-Day Market Rating: 6.0
December U.S. T-Notes: Prices are higher in early U.S. trading. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bears have the solid 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 last week’s high of 111.28.5 and then at 112.00.0. Shorter-term technical support lies at the overnight low of 110.18.0 and then at the contract low of 110.02.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
EURO CURRENCY
The December Euro currency futures are firmer in early U.S. trading. Bears have the solid overall near-term technical advantage. Prices are in a long-term downtrend on the daily bar chart. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below 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 last week’s high of .9855 and then at .9900. Shorter-term support is seen at last week’s low of .9675 and then at .9600. Wyckoff’s Intra Day Market Rating: 5.5
NYMEX CRUDE OIL
November Nymex crude oil prices are slightly up in early U.S. trading. Bulls have faded recently. 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 $88.00 and then at $90.00. Look for sell stops just below technical support at $85.00 and then at $84.00. Wyckoff’s Intra-Day Market Rating: 5.5
GRAINS
U.S. grain futures were mixed in overnight trading. Not much new. Corn and wheat bulls have the overall near-term technical advantage. Soybean and meal futures bears have the slight chart edge. Grains will continue to look to the outside markets for direction. Commercial hedge pressure and farmer selling are likely to squelch corn and soybean bulls in the near term, as U.S. harvest of corn and beans is in full swing. 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
U.S. stock index bulls work to show follow-through strength Friday
Friday, October 14–Jim Wyckoff’s Morning Markets Report
Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins, on follow-through strength from Thursday’s strong rebounds and sharply higher closes. Thursday’s reversal price action really surprised the marketplace. The hot U.S. consumer price index report released in the morning dropped the U.S. stock indexes sharply, only to seen them rapidly “turn on a dime.” Analysts scrambled to make sense of the rebounds, with some saying short covering and others saying bargain hunting. Some said there must have been a bullish technical signal, while others, still, reckoned all the bearish news in the marketplace has been factored into prices. It’s likely all of the above were responsible.
U.S. Federal Reserve officials have recently reiterated their aggressively hawkish stance on monetary policy, which has kept the general marketplace uneasy, for fear of pending U.S. and/or global recession. Thursday’s CPI report suggests the Fed is correct regarding its belief that inflation is still not under control.
Risk appetite in the general marketplace has up-ticked a bit on news the U.K. government is going to roll back part of its controversial tax and spending plans that had roiled the financial markets the past two weeks. However, there are now rumblings the U.K. government’s reckless moves have put Prime Minister Truss and the Chancellor of the Exchequer Kwarteng in peril of keeping their jobs—creating still more uncertainty. A Barron’s headline today reads, “The U.K. is heading for crisis….”
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are weaker and trading around $88.50 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.901%.
U.S. economic data due for release Friday includes import and export prices, retail sales, manufacturing and trade inventories and the University of Michigan consumer sentiment survey.
–Jim
U.S. STOCK INDEXES
December S&P 500 e-mini futures: Prices are firmer in early U.S. trading, on more short covering after strong gains posted on Thursday. Price action Thursday saw a bullish “key reversal” up in prices, which is one clue that a market bottom is in place. Bears still have the solid overall near-term technical advantage amid a seven-week-old price downtrend in place 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 below the 9-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 the overnight high of 3,715.50 and then at 3,750.00. Support for active traders is seen at the overnight low of 3,660.25 and then at 3,600.00. Wyckoff’s Intra-day Market Rating: 5.5
December Nasdaq index futures: Prices are slightly higher in early U.S. trading, on more short covering. Price action Thursday saw a bullish “key reversal” up in prices, which is one clue that a market bottom is in place. Prices remain in a seven-week-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-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 11,185.00 and then at 11,400.00. On the downside, shorter-term support is seen at the overnight low of 10,988.25 and then at 10,750.00. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
December U.S. T-Bonds: Prices are higher in early U.S. trading, on short covering. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 this week’s high of 125 28/32 and then at 127 even. Shorter-term support lies at the overnight low of 124 11/32 and then at 123 16/32. Wyckoff’s Intra-Day Market Rating: 6.0
December U.S. T-Notes: Prices are higher in early U.S. trading. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 this week’s high of 111.28.5 and then at 112.00.0. Shorter-term technical support lies at the overnight low of 110.27.0 and then at 110.19.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0
EURO CURRENCY
The December Euro currency futures are lower in early U.S. trading. Bears have the solid overall near-term technical advantage. Prices are in a long-term downtrend on the daily bar chart. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of .9855 and then at .9900. Shorter-term support is seen at this week’s low of .9675 and then at .9600. Wyckoff’s Intra Day Market Rating: 4.0
NYMEX CRUDE OIL
November Nymex crude oil prices are lower in early U.S. trading. Bulls have faded this week. 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 bearish early today. Look for buy stops to reside just above technical resistance at $90.00 and then at $91.35. Look for sell stops just below technical support at this week’s low of $85.56 and then at $85.00. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
U.S. grain futures were mixed to lower in overnight trading. Corn and wheat bulls have the overall near-term technical advantage. Soybean and meal futures bears have the slight chart edge. Grains will continue to look to the outside markets for direction. Keener risk aversion in the marketplace recently has squelched the grain market bulls. 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
U.S. stock indexes remain in trouble
Hot U.S. inflation data this week, an aggressively hawkish Federal Reserve and other geopolitical worries have the stock and financial markets spooked. The U.S. stock indexes slumped to contract lows late this week and prices are in solid downtrends. That suggests the path of least resistance for stock index futures prices will remain sideways to lower for at least the near term. You’ll get those early clues on price trend changes in all the markets by reading my afternoon reports. Stay tuned. Jim Wyckoff
US CPI on deck Thursday a.m.
Thursday, October 13–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. Traders are awaiting a key U.S. inflation report Thursday morning. The consumer price index report for September is expected to come in at up 8.1%, year-on-year, following a rise of 8.3% in August. On Wednesday the U.S. got a hot producer price index reading for September, at up 8.5%, year-on-year. U.S. Federal Reserve officials have recently reiterated their aggressively hawkish stance on monetary policy, which has kept the general marketplace uneasy, for fear of pending U.S. and/or global recession.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are near steady and trading around $87.25 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.903%.
Other U.S. economic data due for release Thursday includes the weekly jobless claims report, real earnings, the weekly DOE liquid energy stocks report and the monthly Treasury budget statement.
–Jim
U.S. STOCK INDEXES
December S&P 500 e-mini futures: Prices are firmer in early U.S. trading, on short covering. Bears still have the solid overall near-term technical advantage amid a seven-week-old price downtrend in place on the daily bar chart. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 3,667.50 and then at 3,700.00. Support for active traders is seen at the contract low of 3,571.75 and then at 3,525.00. Wyckoff’s Intra-day Market Rating: 5.5
December Nasdaq index futures: Prices are slightly firmer in early U.S. trading, on short covering. Prices remain in a seven-week-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-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 this week’s high of 11,136.50 and then at 11,400.00. On the downside, shorter-term support is seen at the contract low of 10,767.25 and then at 10,600.00. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
December U.S. T-Bonds: Prices are near steady in early U.S. trading. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 this week’s high of 125 26/32 and then at 127 even. Shorter-term support lies at 124 16/32 and then at the contract low of 123 21/32. Wyckoff’s Intra-Day Market Rating: 5.0
December U.S. T-Notes: Prices are slightly higher in early U.S. trading. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 this week’s high of 111.22.0 and then at 112.00.0. Shorter-term technical support lies at 111.00.0 and then at the contract low of 110.19.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5
EURO CURRENCY
The December Euro currency futures are firmer in early U.S. trading, on short covering. Bears have the solid overall near-term technical advantage. Prices are in a long-term downtrend on the daily bar chart. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below 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 neutral early today. The Euro currency finds shorter-term technical resistance at this week’s high of .9823 and then at .9867. Shorter-term support is seen at this week’s low of .9716 and then at .9650. Wyckoff’s Intra Day Market Rating: 5.5
NYMEX CRUDE OIL
November Nymex crude oil prices are slightly higher in early U.S. trading. Bulls have faded this week. The shorter-term moving averages are still 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 $90.00 and then at $91.35. Look for sell stops just below technical support at this week’s low of $86.28 and then at $85.00. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
U.S. grain futures were mixed in overnight trading. Corn and wheat bulls have the overall near-term technical advantage. Soybean and meal futures bears have the slight chart edge. Grains will continue to look to the outside markets for direction. Keener risk aversion in the marketplace recently has squelched the grain market bulls.
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
U.S. inflation data awaited at mid-week
Wednesday, October 12–Jim Wyckoff’s Morning Markets Report
Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. The marketplace remains less than “risk-on” at mid-week, following a downbeat assessment of the global economy by the International Monetary Fund on Tuesday.
The U.K. government bond market is still in turmoil, as the Bank of England this week was forced to buy inflation-linked bonds as part of its bond-buying program. The BOE today reiterated it will shut down its bond-buying program on Friday. There are worries U.K. pension funds could be lost if the U.K. bond market rout continues.
The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil prices are slightly higher and trading around $89.50 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.962%.
Traders are looking ahead to key U.S. inflation reports on Wednesday and Thursday mornings. The producer price index report for September is out Wednesday and the consumer price index report for September is out Thursday. The consumer price index is expected to come in at up 8.1%, year-on-year, following a rise of 8.3% in August.
Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey.
–Jim
U.S. STOCK INDEXES
December S&P 500 e-mini futures: Prices are firmer in early U.S. trading, on short covering. Bears still have the solid overall near-term technical advantage amid a seven-week-old price downtrend in place on the daily bar chart. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 3,667.50 and then at 3,700.00. Support for active traders is seen at the contract low of 3,571.75 and then at 3,525.00. Wyckoff’s Intra-day Market Rating: 5.5
December Nasdaq index futures: Prices are firmer in early U.S. trading, on short covering. Prices remain in a seven-week-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-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 this week’s high of 11,136.50 and then at 11,400.00. On the downside, shorter-term support is seen at the contract low of 10,767.25 and then at 10,600.00. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES FUTURES
December U.S. T-Bonds: Prices are lower in early U.S. trading. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 bearish early today. Shorter-term technical resistance is seen at the overnight high of 125 1/32 and then at this week’s high of 125 26/32. Shorter-term support lies at the contract low of 123 21/32 and then at 123 even. Wyckoff’s Intra-Day Market Rating: 4.0
December U.S. T-Notes: Prices are slightly lower in early U.S. trading. Prices are in a nine-week-old downtrend on the daily bar chart. Bears have the solid 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 bearish early today. Shorter-term resistance lies at this week’s high of 111.22.0 and then at 112.00.0. Shorter-term technical support lies at the contract low of 110.19.0 and then at 110.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5
EURO CURRENCY
The December Euro currency futures are near steady in early U.S. trading. Bears have the solid overall near-term technical advantage. Prices are in a long-term downtrend on the daily bar chart. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below 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 bearish early today. The Euro currency finds shorter-term technical resistance at this week’s high of .9823 and then at .9867. Shorter-term support is seen at this week’s low of .9718 and then at .9650. Wyckoff’s Intra Day Market Rating: 5.0
NYMEX CRUDE OIL
November Nymex crude oil prices are slightly higher 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 Tuesday’s high of $91.35 and then at this week’s high of $93.64. Look for sell stops just below technical support at this week’s low of $87.91 and then at $87.00. Wyckoff’s Intra-Day Market Rating: 5.5
GRAINS
U.S. grain futures were steady to weaker in overnight trading. Corn and wheat bulls have the overall near-term technical advantage. Soybean and meal futures bears have the slight chart edge. Grains will continue to look to the outside markets for direction. Keener risk aversion in the marketplace recently has squelched the grain market bulls. On tap today is the 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