Veteran traders know that quick trading profits are also susceptible to quick profit erosion. That's why if you take a position that moves far beyond your initial profit objective in a short period of time you may want to take profits.

- Jim Wyckoff

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In today's global economy, markets drive and influence each other. Still, many traders are only analyzing a single market at a time and ignoring related markets. VantagePoint Trading Software uses intermarket analysis to predict market trends for over 600 world markets with nearly 80%* accuracy. As an added bonus traders can also receive a complimentary Forex EBook, along with their complimentary market forecast provided by VantagePoint. Go here now to receive both.

Hello, Fast Break readers. I've been a contributor to this FutureSource platform for many years. I very much enjoy showing you some of my work, and I hope you enjoy and benefit from it. Today, I want to show you part of my latest Daily Markets Update report from Monday afternoon. I do a brief, mostly technically oriented, analysis of all the major markets traded in the U.S. Below you can check out the key near-term technical support and resistance levels on the markets you are trading. Remember, too, that most markets are somehow interrelated and react to each other's significant price moves. It's a concept called "intermarket analysis," and veteran traders realize its significance. It's not prudent for traders to just follow one market closely, especially nowadays. --Jim Wyckoff

Jim Wyckoff's Daily Markets Update for Monday--Selected Commodities

LIVESTOCK: December live cattle closed down $0.47 at $92.07 today. Prices closed near the session low today. Bears have the near-term technical advantage. Prices are still in a 16-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to push prices above solid technical resistance at last week's high of $94.25. The next downside technical objective for the bears is pushing and closing prices below solid technical support at last week's contract low of $90.15. First resistance is seen at today's high of $93.05 and then at $93.50. First support is seen at today's low of $91.80 and then at $91.30. Wyckoff's Market Rating: 1.5.

December lean hogs closed down $0.05 at $56.25 today. Prices closed near the session low again today. The recent "collapse in volatility" makes me suspect a bigger price move is on the horizon. Cash hog market fundamentals remain bearish. Hog bears still have the near-term technical advantage. Prices are still in a steep 11-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to push prices above solid chart resistance at $57.85, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is pushing prices and closing below solid technical support at $55.00. First resistance is seen at today's high of $57.05 and then at $57.85. First support is seen at the contract low of $55.90 and then at $55.50. Wyckoff's Market Rating: 1.0.

GRAINS: December corn futures closed up 15 1/2 cents at $4.18 1/2 today. Prices closed near the session high today on short-covering from recent declines. Bulls have regained a bit of near-term technical momentum but need to show more power soon to suggest a market low is in place. Seasonal studies do show corn prices bottoming out during this timeframe. Prices are still in a 16-week-old downtrend on the daily bar chart. (For more insight on when this extended downtrend might turn around, see www.tradertech.com.) The next downside price objective for the bears is to push and close prices below major psychological support at $4.00. The bulls' next upside price objective is to push and close prices above solid technical resistance at $4.50. First resistance for December corn is seen at today's high of $4.20 and then at $4.25. First support is seen at $4.10 and then at today's low of $4.04. Wyckoff's Market Rating: 2.5.

November soybeans closed up 34 cents at $9.40 3/4 today. Prices closed near the session high on short covering. Bulls have regained some fresh upside technical momentum but need to show more power soon to begin to suggest that a market low is in place. Seasonal studies do show a harvest low occurs around this timeframe. Prices are still in a 3.5-month-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push andclose prices above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below major psychological support at $9.00. First resistance for November soybeans is seen at today's high of $9.48 and then at $9.72 1/2. First support is seen at $9.25 and then at today's low of $9.02 3/4. Wyckoff's Market Rating: 2.5.

December Chicago SRW wheat closed down 2 3/4 cents at $5.63 1/2 today. Prices closed near mid-range. The wheat bears still have the near-term technical advantage. There are no clues of a market low being close at hand. Prices are still in a six-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $5.43. For more information on wheat and it's related markets go to www.tradertech.com. Bulls' next upside price objective is to push and close December futures prices above major psychological resistance at $6.00 a bushel. First resistance is seen at today's high of $5.79 and then at $6.00. First support lies at today's low of $5.54 and then at $5.43. Wyckoff's Market Rating: 2.0.

SOFTS: March sugar closed down 7 points at 11.51 cents today. Prices closed nearer the session low today and were pressured by a stronger U.S. dollar. Bears are still in technical control. Prices are in an eight-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of 12.09 cents. Bears' next downside price objective is to push and close prices below solid technical support at last week's low of 10.91 cents. First resistance is seen at today's high of 11.80 cents and then at 12.00 cents. First support is seen at today's low of 11.40 cents and then at 11.20 cents. Wyckoff's Market Rating: 2.5.

December coffee closed down 30 points at 115.30 cents today. Prices closed near mid-range today. Gains were limited by a stronger U.S. dollar. The recent pause, or sideways trading, in coffee is not bullish. Coffee bears still have the near-term technical advantage. Prices are still in an eight-week-old downtrend on the daily bar chart. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week's high of 121.10 cents. For more information on coffee and it's related markets go to www.tradertech.com. The next downside price objective for the bears is closing prices below solid technical support at the contract low of 109.35 cents a pound. First support is seen at today's low of 114.40 cents and then at last week's low of 111.45 cents. First resistance is seen at today's high of 117.35 cents and then at 118.75 cents. Wyckoff's Market Rating: 2.0.

December cocoa closed down $59 at $2,063 today. Prices closed nearer the session low and hit a fresh 9.5-month low today again today amid a stronger U.S. dollar. Bears still have the near-term technical advantage. Prices are still in a 3.5-month-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,200. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,000. First resistance is seen at $2,100 and then at today's high of $2,160. First support is seen at today's low of $2,063 and then at $2,050. Wyckoff's Market Rating: 1.5.

December cotton closed down 326 points at 49.31 cents today. Prices closed nearer the session low today and scored a big and bearish "outside day" down on the daily bar chart after limit gains on Friday that were just short covering in a bear market. Today's big downside price action reaffirms the bears still have the solid near-term technical advantage in cotton. For more information on cotton and it's related markets go to www.tradertech.com. The next downside price objective for the bears is to produce a close below strong technical support at the contract low of 45.66 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at today's high of 54.77 cents. First resistance is seen at 50.00 cents and then at 51.00 cents. First support is seen at 49.00 cents and then at 48.00 cents. Wyckoff's Market Rating: 2.0.

January orange juice closed up 180 points at $.8870. Prices closed near mid-range today and hit a fresh two-week high on short-covering in a bear market. Bulls are gaining confidence that a market low is in place. Bears do still have the overall near-term technical advantage as prices are still in a 3.5-month-old downtrend on the daily bar chart. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the contract low of $.7540. For more information on orange juice and it's related markets go to www.tradertech.com. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at $.9500. First resistance is seen at .9000 and then at $.9100. First support is seen at today's low of $.8750 and then at $.8600. Wyckoff's Market Rating: 2.5.

METALS: December gold futures closed up $7.70 at $795.40 today. Prices closed near mid-range today and were supported on short covering after prices Friday hit a fresh four-week low. Gains were limited today by a stronger U.S. dollar. Gold bears still have the near-term technical advantage as prices have backed well down from the October high. Gold bulls' next upside price objective is to produce a close above resistance at $850.00. Bears' next downside price objective is closing prices below solid technical support at last week's low of $772.20. First resistance is seen at $800.00 and then at today's high of $811.80. Support is seen at today's low of $782.80 and then at $772.20. Wyckoff's Market Rating: 4.0.

December silver futures closed up 44.0 cents at $9.775 an ounce today. Prices closed nearer the session high today on short-covering in a bear market. Prices Friday hit a fresh nearly three-year low. Bears still have the near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. (For clues about a moving average crossover that can indicate an uptrend, see www.tradertech.com.) Silver bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $11.195 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $9.00. First resistance is seen at $10.00 and then at $10.365. Next support is seen at today's low of $9.35 and then at last week's low of $9.09. Wyckoff's Market Rating: 3.0.

ENERGIES: November crude oil closed up $2.45 at $74.30 a barrel today. Prices closed nearer the session high today on short covering and amid ideas OPEC will cut its production levels at its meeting later this week. Bears still have the near-term technical advantage in crude. Prices remain in a three-month-old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below technical support at last week's low of $68.57. The next upside price objective for the bulls is producing a close above technical resistance at $80.00 a barrel. First resistance is seen at today's high of $76.13 and then at $77.00. First support is seen at $72.50 and then at today's low of $71.77. Wyckoff's Market Rating: 2.5.

November natural gas closed down 0.9 cent at $6.777 today. Prices closed nearer the session low. Prices did poke to a fresh two-week high today. Bears remain in technical control of nat gas. The next upside price objective for the bulls is closing prices above solid technical resistance at $7.500. The next downside price objective for the bears is closing prices below psychological support at $6.000. First resistance is seen at $7.00 and then at today's high of $7.087. First support is seen at today's low of $6.683 and then at $6.50. Wyckoff's Market Rating: 2.0.

Wyckoff's Market Rating System is based on a scale of 1 to 10, with 1 being the most bearish market rating and 10 being the most bullish market rating. The number 5 would be a neutral rating. And it is not uncommon to see fractions used -- like 1.5, 3.5, etc. -- if conditions warrant.

Jim Wyckoff is the senior market analyst with www.TradingEducation.com. The site is dedicated to helping traders at all levels learn their craft better so they can improve their odds for trading success. The site focuses on current market conditions as well as a variety of educational materials that will give traders of stocks, currencies, futures and options sound background information about trading and important trading concepts. TradingEducation.com has assembled an outstanding team of analysts, including Jim, who have years of experience in trading or covering markets of all types.

Jim has spent nearly 25 years involved with the stock, financial and commodity markets. He was a financial journalist with what is now the Dow Jones Newswires service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another. Not long after he began his career in financial/commodity market journalism, Jim began studying technical analysis. By studying chart patterns and other technical indicators, Jim realized the playing field could be leveled between the "professional insiders" in the markets, and traders/analysts like himself. As a proponent of Intermarket Analysis, VantagePoint Intermarket Analysis Software is one of the tools in Jim's tool-box.

In today's global economy, markets drive and influence each other. Still, many traders are only analyzing a single market at a time and ignoring related markets. VantagePoint Trading Software uses intermarket analysis to predict market trends for over 600 world markets with nearly 80%* accuracy. As an added bonus traders can also receive a complimentary Forex EBook, along with their complimentary market forecast provided by VantagePoint. Go here now to receive both.