July Crude Oil I addressed the oil market about a week ago in an article titled “Slippery “. We have now reached a major target in my opinion. This location is the lower end of the daily cloud support and a long term channel line convergence zone. Also of note is the appearance of multi time-frame …
Livestock Report
Live Cattle On Tuesday June 5, 2018 the August Live Cattle contract opened at 102.80 and traded to the session low at 102.20. It was able to rally off the low as the June contract led the way higher for the cattle market, rallying all day long and almost going up limit. The June contact is expiring at the end …
The Fab Five : June Euro Currency
June Euro Currency The Fab Four refers to the Beatles who spearheaded the British Invasion in the mid 1960’s. The Fab Five I speak of describes the five wave advancing structure off the recent lows established in the June Euro currency market. This advance came on the backdrop of multi time frame momentum divergence. After peaking …
Livestock Report
Live Cattle On Monday June 4, 2018 the August Live Cattle contract opened at 103.575 and traded in a range (102.775 low to 104.225 high) for most of the day. A break down at the end of the day saw price take out the 102.775 low and trade to the low of the day at 102.35and then settle nearby at …
Grain Spreads: Continuations
Soybeans, Corn, and Wheat continued south on Monday as managed fund unwinding continued from last week in my view. Although both beans and meal firmed to close last week, the absence of any weather premium along with unease regarding trade deals with China kept sellers active amid fund liquidation. I am hearing a lot of noise regarding these tariff deals …
Grain Spreads: Liquidation Continues
Wheat/Corn Corn found no friends this week as overnight rallies throughout this holiday shortened week were quickly sold into. Despite this morning’s export sales of 993,100 MT for 2017/2018 that were up 16 percent from the previous week and 12 percent from the prior 4-week average offered no help. For 2018/2019, net sales of 149,300 MT were reported for Mexico …
Livestock Report
Live Cattle Friday June 1, 2018 saw the August Live Cattle contract consolidate within the Thursday range ((105.20 – 101.90). The Friday range was 104.425 – 103.30. A break down below the 103.30 low on Monday could see price revisit the Thursday low. Support then comes in at 101.625 and then 100.125. Trading above 104.425 will face resistance at 104.85, …
Bean Sprouts ? : July Soybean Futures
July Soybean Futures After an early week thrashing that sent the bean futures back 27 cents from last Friday’s close the market chopped around near the lower end of the range in today’s session rising into the close to finish just above 1024. To me there are a few ways to interpret the price structure. I am once …
Livestock Report
Live Cattle Thursday May 31, 2018 was give back day in the August Live Cattle contract. After going limit up on Wednesday, the August contract couldn’t hold onto its gains, making the session high at 105.20 then breaking down and almost going limit down, making the low at 101.90. It consolidated between 103.125 and 102.15 for most of the session, …
C Legs : June Live Cattle
June Live Cattle The Cattle market managed to gets its legs under it in today activity after an early slip to test yesterday’s low of 102.850. To me it appears that the cows established a B wave low when it posted the extreme low of 101.375 in mid-May. If this were truly the case then the subsequent rise …