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Lagging Indicators Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as Concurrent Indicators.
Large Traders A large trader is one who holds or controls a position in any one future or in any one option expiration series of a commodity on any one contract market equaling or exceeding the exchange or CFTC-specified reporting level.
Last Notice Day The final day on which notices of intent to deliver on futures contracts may be issued.
Last Trading Day The last day on which trading may occur in a given futures or options contract.
Leading Indicators Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies reporting slower deliveries, changes in manufacturers' unfilled orders for durable goods, plant and equipment orders, new building permits, index of consumer expectations, change in material prices, prices of stocks and change in money supply.
Leaps Long-dated, exchange-traded options.
Leverage The ability to control large dollar amounts of a commodity with a comparatively small amount of capital.
Licensed Warehouse A warehouse approved by exchange from which a commodity may be delivered on a futures contract.
Life of Contract Period between the beginning of trading in a particular futures contract and the expiration of trading. In some cases this phrase denotes the period already passed in which trading has already occurred.
Limit Down The maximum price advance from the previous day's settlement price permitted during one trading session, as fixed by the rules of an exchange. See also Daily Price Limit.
Limit Move A price that has advanced or declined the limit permitted during one trading session as fixed by the rules of a contract market.
Limit Only The definite price stated by a customer to a broker restricting the execution of an order to buy for not more than, or to sell for not less than, the stated price.
Limit Order An order in which the customer specifies a price limit or other condition, such as the time of an order, as contrasted with a market order which implies that the order should be filled as soon as possible.
Limit Price See Limit Move.
Limit Up The maximum price decline from the previous day's settlement price permitted during one trading session, as fixed by the rules of an exchange. See also Daily Price Limit.
Limited Partnership A partnership with two kinds of partners: limited partners, who provide financial backing and have little role in management and no personal liability; and general partners, who are responsible for managing the entity and have unlimited personal liability for its debts.
Liquidate To sell (or purchase) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or make (or take) delivery of the cash commodity represented by the futures contract.
Liquidity A broadly traded market where buying and selling can be accomplished with small price changes and bid and offer price spreads are narrow.
Local A member of an exchange who trades for his own account. See Floor Trader.
Locked In A hedged position that cannot be lifted without offsetting both sides of the hedge (spread). Also refers to being caught in a limit move.
Long One who has bought futures contracts or owns a cash commodity. Opposite of Short.
Long Hedge Buying futures contracts to protect against possible increasing prices of commodities. Opposite of Short Hedge.
Long the Basis A person or firm is said to be long the basis if they have bought the spot commodity and hedged with a sale of futures.
Lookback Option An option whose payoff depends on the minimum or maximum price of the underlying asset during some portion of the life of the option.
Low The lowest price of the day for a particular futures contract.