I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update! (this one is a little longer that I’d prefer, but apparently I had a bit more to say today. Regular viewers will know that I haven’t hit the 5 minute mark yet!)
Live Cattle led the way higher yesterday running to new contract highs again and closing very strong. Feeders did the same, but with a little less of a gain. Technically, the market may be getting a little over extended, but is showing no signs of slowing the rally yet. It’s the last day of the month, so it is possible we could see some profit taking and/or position adjustments from the fund and algo traders. Lean Hogs posted a higher close, as well. My chart has kicked out a bearish signal in Hogs today. Grains continue to sag, Corn, Soybeans and Wheat all seem bearish to me. Export Sales were decent, but not enough to change a trend. Soymeal set new contract lows and Bean Oil is getting some selling pressure, as well. KC Wheat is the lone Grain that isn’t glaringly bearish right now. Tariffs were removed on “raw” Copper imports, which has sent the Metal markets into a selling free-fall, it’s down over 20% (huge move for any commodity) this morning. Gold, Silver, Platinum and Palladium were also hit with aggressive selling. My charts indicate new signals in Lean Hogs, Copper and Russell 2000 today.