Most profitable trades will still find some "money left on the table" after a trader has exited the position. Traders should never expect to get in at the bottom and out at the top or vice versa if you are a market bear. Extracting profits from the challenging endeavor of trading markets is an accomplishment, and one should never worry about any money left on the table after profits have been taken.

- Jim Wyckoff

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Hello again Fast Break readers. It's my pleasure to be able to show you some of my latest work. In today's issue of Fast Break, I'm showing you a portion of my latest Daily Markets Update email report from Monday afternoon. My daily email reports provide a quick recap of the day's market price action, including key technical developments and support and resistance levels. Also, I provide my exclusive "Wyckoff's Market Rating to each market." An explanation of my rating system is at the end of this feature.--Jim Wyckoff

Jim Wyckoff's Daily Markets Update--Monday, November 17

LIVESTOCK: December live cattle closed down $1.65 at $88.40 today. Prices closed near the session low and hit a fresh three-week low today. The bears have the overall near-term technical advantage and gained more downside momentum today amid a weaker U.S. stock market and economic recession concerns. Prices are still trading below a four-month-old downtrend line on the daily bar chart. Bulls' next upside price objective is to push prices above solid technical resistance at $92.55, which is the top of a downside price gap on the daily chart. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the contract low of $87.10. First resistance is at $89.00 and then at $89.50. First support is at today's low of $88.00 and then at $87.50. Wyckoff's Market Rating: 1.0.

December lean hogs closed down $0.22 at $55.35 today. Prices closed near mid-range in quiet trading. Hog bears still have the near-term technical advantage. Prices are still in a 3.5-month-old downtrend on the daily bar chart. There are still no clues of a market low being close at hand. The next upside price objective for the bulls is to push prices above solid chart resistance at $57.40, which would fill on the upside a downside price gap on the daily chart. For more information on lean hogs and it's interrelated markets go here. The next downside price objective for the bears is pushing prices and closing below solid technical support at the contract low of $53.90. First resistance is at today's high of $55.75 and then at $56.00. First support is seen at today's low of $55.17 and then at $55.00. Wyckoff's Market Rating: 2.0.

GRAINS: December corn futures closed up 6 cents at $3.86 1/4 today. Prices closed near the session high today on short covering in a bear market and on some fresh bargain-hunting buying. Bears still have the near-term technical advantage. Corn prices are still trading below a 4.5-month-old downtrend line on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $3.60 1/4. The bulls' next upside price objective is to push and close prices above psychological resistance at $4.00. First resistance for December corn is seen at today's high of $3.89 1/2 and then at $4.00. First support is seen at $3.80 and then at today's low of $3.75. Wyckoff's Market Rating: 3.0.

January soybeans closed up 12 cents at $9.08 today. Prices closed near the session high today on short covering and some bargain-hunting buying. The recent "collapse in volatility" makes me suspect a bigger price move is on the horizon. Soybean bears remain in overall near-term technical command. However, prices have been trading sideways for five weeks, which does give the bulls slight encouragement that a harvest low may be in place, or close at hand. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week's high of $9.54 1/4 a bushel. For more information on soybeans and it's interrelated markets go here. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $8.38 1/2. First resistance for January soybeans is seen at today's high of $9.17 3/4 and then at $9.25. First support is seen at $9.00 and then at today's low of $8.85. Wyckoff's Market Rating: 3.0.

December Chicago SRW wheat closed down 20 1/2 cents at $5.33 3/4 today. Prices closed nearer the session low today and scored a bearish "outside day" down on the daily bar chart. The wheat bears still have the overall near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $4.96 1/2. Bulls' next upside price objective is to push and close December futures prices above solid technical resistance at the November high of $5.87 3/4 a bushel. First resistance is seen at $5.50 and then at last week's high of $5.68 1/2. First support lies at today's low of $5.25 1/2 and then at last week's low of $5.05 1/4 and then at $5.00. Wyckoff's Market Rating: 2.5.

SOFTS: March sugar closed up 6 points at 11.72 cents today. Prices closed nearer the session high after hitting a fresh three-week low. Prices also scored a mildly bullish "outside day" up on the daily bar chart today. Sugar prices are still trading below a 2.5-month-old downtrend line drawn from the August and September highs. For more information on sugar and it's interrelated markets go here. Bears still have the near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of 12.55 cents. Bears' next downside price objective is to push and close prices below solid technical support at the October low of 10.44 cents. First resistance is seen at today's high of 11.80 cents and then at 12.00 cents. First support is at 11.50 cents and then at last week's low of 11.30 cents. Wyckoff's Market Rating: 3.0.

December coffee closed down 80 points at 110.50 cents today. Prices closed nearer the session high after hitting a fresh three-week low early on today. Coffee bears still have the overall near-term technical advantage. Prices are still in an 11-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 116.50 cents. The next downside price objective for the bears is closing prices below solid technical support at the October contract low of 105.05 cents a pound. First support is seen at 110.00 cents and then at 109.35 cents. First resistance is seen at today's high of 112.00 cents and then at 114.00 cents. Wyckoff's Market Rating: 1.5.

December cotton closed down 230 points at 39.20 cents today. Prices closed near the session low. The cotton bears still have the solid near-term technical advantage. My bias is that this market does not have a lot of downside pressure left and at some point soon will put in a major low. Prices are still in a 7.5-month downtrend on the daily bar chart. The next downside price objective for the bears is to produce a close below technical support at the contract low of 36.70 cents. For more information on metals and it's interrelated markets go here. The next upside price objective for the bulls is to produce a close above solid technical resistance at 43.15 cents. First resistance is at 40.00 cents and then at 41.00 cents. First support is seen at today's low of 39.15 cents and then at 38.45 cents. Wyckoff's Market Rating: 1.0.

METALS: December gold futures closed down $2.90 at $739.60 today. Prices closed near mid-range today in quieter trading. Gold bears still have the overall near-term technical advantage. However, prices have been in a sideways trading range for four weeks. Gold has become somewhat disconnected from the previously strong inverse trading relationship with the U.S. dollar. Bears' next downside price objective is closing prices below solid technical support at last week's low of $698.20. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $778.30. First resistance is seen at today's high of $748.70 and then at $750.00. Support is seen at today's low of $729.60 and then at $725.00. Wyckoff's Market Rating: 3.0.

ENERGIES: December crude oil closed down $2.09 at $54.95 a barrel today. Prices closed near the session low today and closed at a fresh 22-month low close. Crude oil bears still have the solid near-term technical advantage. However, the market is still due for more of a short-covering bounce very soon. Prices remain in a 3.5-month downtrend on the daily bar chart. For more information on energies and it's interrelated markets go here. The next downside price objective for the crude oil bears is to produce a close below technical support at $50.00. The next upside price objective for the bulls is producing a close above technical resistance at $65.00 a barrel. First resistance is seen at $56.00 and then at $57.00. First support is seen at last week's low of $54.67 and then at $54.00. Wyckoff's Market Rating: 1.0.

Understanding "Wyckoff's Market Rating System"

My Daily Markets Update displays the exclusive "Wyckoff's Market Rating System" for each market. I distill risk, probability, technical indicators, fundamental analysis and many other factors in determining these ratings. This simple system can be your quick key to how all the markets are trending (if they are) on a longer-term and shorter-term basis.

How it Works

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.

It's important to note that just because a market is rated as very bullish (8 or above), it does not mean I want to establish a fresh long position in that market. A high rating likely means a market has been trending higher for a sustained period of time, or has already seen a quick, powerful move that could mean a "correction" is near. An 8 or higher bull market is likely a more mature one - with the risks being higher for steeper setbacks and a more volatile topping process.

Similarly, a market rated as very bearish (2 or below) does not indicate you should rush out to establish a fresh short position and sell a market. It means a market has likely been in a longer-term downtrend, or has seen a quick and powerful down-move, and is at or near its contract low. It is a more mature bear market that has a higher risk of a corrective bounce higher, or even change in trend to sideways to higher.

Markets rated 4 to 6 are in the middle, and these are the markets I watch most closely, on a shorter-term basis, for trading opportunities. They are usually characterized by more of a "sideways" and choppier trading range on the daily chart, or have just backed well off from a recent up-trend high or have moved well up from a recent downtrend low.

Importantly, markets that have been in sideways trading ranges for a while - i.e., non-trending and then move to either a rating of 5.5 to 6.5 on an upside price move, or to 4.5 to 3.5 on a downside move - are the most critical to monitor on a daily chart basis. It's at these ratings levels that most trading "set ups" occur, based on my trading philosophy and experience. It's at these ratings which are just above or just below neutral (5) that most "breakouts" from trading ranges occur. But remember, the market has to have been trading generally (but not always) sideways beforehand, for the best trading opportunities to present themselves.

Being a conservative trader, I like to trade markets that are just beginning to establish a solid trend. The risk for high volatility (and bigger losses) is lower when a trend is in its early stages, as opposed to when a trend is mature and higher volatility is more likely. Wyckoff's Market Rating System helps me determine the stages of a market trend.

Here's an important reminder. My Wyckoff's Market Rating System is not and should not be used as a "stand-alone" trading system. But it can be a valuable trading tool in your "Trading Toolbox" with such tools as VantagePoint Trading Software.

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.

Move up the ladder of trading success with The Trading Pro's Secret: Intermarket Analysis. This easy to read eBook aids in the understanding of intermarket analysis and why it is an essential tool for trading success. As a special offer you will also receive complimentary recent market forecasts.

Go here now to receive your complimentary EBook and forecasts!