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Jim Wyckoff's Morning Report: More Risk Amongst Traders

Jim Wyckoff's Morning Report: More Risk Amongst Traders

13 August 2014
Jim Wyckoff Commentary -  TheCropSite

GLOBAL - While there are still geopolitical hotspots in the world that the market place is monitoring, traders this week appear to have a bit more risk appetite.

at 126.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.18.0 and then at 125.12.5. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The September U.S. dollar index is higher in early trading. Prices are hovering near last week’s nine-month high. Bulls have the firm overall near-term technical advantage. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at last week’s high of 81.775 and then at 82.000. Shorter-term support is seen at the overnight low of 81.530 and then at this week’s low of 81.465 Wyckoff's Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

September Nymex crude oil prices are slightly weaker in early U.S. trading. Bears have the overall near-term technical advantage as prices are in a seven-week-old downtrend on the daily bar chart. In September Nymex crude, look for buy stops to reside just above resistance at the overnight high of $97.48 and then at $98.00. Look for sell stops just below technical support at this week’s low of $96.81 and then at last week’s low of $96.55. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were firmer in overnight trading, on tepid short covering. Bears are in full technical command of the grains. After Tuesday’s USDA supply and demand and crop production reports confirmed record U.S. corn and soybean crops, focus of traders will now be on harvesting those crops and on worldwide demand.

TheCropSite News Desk

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.



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