Live Cattle The February Live Cattle contract held the 124.75 support level Monday morning as an early morning attempt to break lower failed. The February contract held the Friday low (124.35), during the first half hour of trading as it matched the low and then proceeded to take out the 125.50 resistance level making a high at 126.275. It ended …
Daily Gold Report
Gold futures rose to start the week in impressive fashion. December gold futures gained over $7.00 to close the session at 1294.4. December silver futures rose as well but only slightly to close at 17.02. While today was option expiration for the December contract for gold and silver, volume was heavy in the spot gold contract at just under 300 …
Notes and Bonds Start the Week Drifting In same Range
A couple of interesting things which may affect trading and pick up some volatility are the Jerome Powell confirmation hearing before the Senate Banking Committee on Tuesday and Janet Yellen’s last appearance before the Joint Economic Committee on Wednesday. On Thursday inflation data will be released around the world beginning in Asia with the Chinese PMI and then European and …
Follow the Yellow Brick Road: Gold Futures
December Gold Futures While some may have gravitated to the kitchen to bask in the aromas of the upcoming feast or perhaps laid early claim to their spot in front of the TV, I spent the better part of my Holiday morning pouring over gold future price charts. The structural evidence to me suggests that the advance from …
Daily Gold Report
Since last weeks surge higher, gold and silver have been on a roller coaster ride this week. Mondays trade saw all the previous weeks gains whisked away only to see both markets rally back near the prior weeks highs by the close today. While equities remain bid, it has been the sell-off in the Dollar that has been the main …
PER-THANKSGIVING Chart Outlook
Let’s give Thanks, confidence in System? Change, FRB Yellens’ natives getting restless? Yield curve flattens. 2 year i rate closer to tens before yearend, .60-ish Is this this markets players ready to blow or maybe flip, long bonds like in Summer 2016 at highs? My diary had a $40.5bil player flip long at those 2.08% all time lows in rates …
Livestock Report
Live Cattle The February Live Cattle contract held the 123.125 support level Tuesday morning making the low of the day at 122.75. A strong rally followed from the low with price trading past the 124.75 resistance level. It made the high at 124.875. It pulled back from there and ended the session in the middle of the range at 124.00. …
Sea Legs: February Live Cattle
February Live Cattle The February Live cattle futures managed a modest recovery in today’s action. Early week lows came in around the .382 retracement of the entire move and the .786 from the inner fourth wave extreme. This was touched upon in yesterday’s post. Also of note was the momentum divergence apparent in the smaller time-frame price charts. …
Flattening Trend Controlling Trading
The bond market continues to stymie the bears who are adamant that the stage is set for a normalization of the interest rate structure (shift upward) as QE wind down commences and looming tax cuts are set to raise deficits significantly. The Feds are on track to raise short rates next month and possibly another three times in 2018 but …
“Where seldom is heard a encouraging word”: February Live Cattle
February Live Cattle I have taken the liberty of altering the lyrics of the iconic cowboy campfire song Home on the Range in an attempt to capture the current mood of the live cattle market. In early week trading action prices continued their downward path to finish down 1.650 at 123.025 just off day’s low of 122.650. We …