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 …
Jolly Green Giant: January Soybeans
January Soybeans The January soybean market rose robustly in end of the week action. Today’s range (TrueRange=open to close) was roughly 18 points (cents) measuring 1.618 of the daily 14 period average. The weeks TR was roughly 20 points and fell short of its average. During periods of escalating readings dating back to 2008 the week’s average will …
Livestock Report
Live Cattle The December Live Cattle contract held the 119.15 support level on Wednesday morning with the low of the day occurring in the first 5 minutes of trade at 119.025. A choppy morning had price trade between a high at 120.00 to a low at 119.075. Price was able to rally the last two hours of the session and …
The Duke: December Live Cattle
December Live Cattle John Wayne, known as the “Duke”, had a familiar and infamous staggering gait. One theory says the Duke broke his leg before he hit it big, and that created his off-balance walk. This wobbling characteristic, in my opinion, is an apt way to describe the current technical condition of the December Live Cattle …
Daily Gold Report
Despite weakness in the equity markets and subsequent pullback in the dollar this week, gold and silver have only seen modest gains for the first three sessions for the week. December gold futures pushed higher to new monthly highs for November albeit briefly overnight as gold traded 1290 for an instant.Silver up 10 cents for the week so far, has seen …
Now is the Time to Diversify
Now Is the Time to Diversify. With stock valuations historically rich and a substantial amount of uncertainty, we think it makes sense to own some portfolio insurance. According to LPL Financial, the S&P 500 has gone 242 trading sessions without a 3% pullback, the longest streak in history. As seen below, the 10 year cyclically adjusted P/E ratio is in nosebleed …
SPECIAL REPORT – Volatility Cycle
VOLATILITY CYCLE Above is a weekly CBOE VIX (volatility) price chart. The vertical lines display time cycle studies. The index’s most recent low reading is on the extreme of the last three decades. Option premiums have been steadily depressed. Investor funds of Volatility sensitive ETF are at record levels of 2.3 billion. These instruments are designed to appreciate in …