December Live Cattle The December live cattle market is bumping up against resistance on a down sloping upper channel line which has so far contained the what appears to be a non-impulsive correction stemming from the high established in early June. I currently have labeled this downtrend an (a-b-c) structure which terminated at the lows seen in mid …
Ag Commentary
The soy complex is awaiting next Tuesdays numbers. The job of making predictions is mute till we see the numbers. Some thoughts. The Brazilian crop will go up as more acres will be planted. The Argentinian may favor feedgrains. The USDA has no reason to alter the projections month to month. No guarantees in life however. The issue going forward for …
Livestock Report
Live Cattle The October Live Cattle contract rallied from the open on Thursday, September 7, 2017. It pushed past resistance at the short-term moving averages (the 8 DMA (105.85), 13 DMA (106.15) and the 21 DMA (106.575)) and rallied to trendline resistance at 107.45 reaching a high of 107.675. It failed from the trendline and fell back below the 21 …
Daily Gold Report
The price of gold rose to a one-year high on Thursday after the dollar tumbled on the back of weak U.S. jobs data and an unchanged growth and inflation outlook from the European Central Bank. The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications …
Livestock Report
Live Cattle The October Live Cattle contract consolidated within Tuesday’s trading range on Wednesday, September 6, 2017. Bears couldn’t take price down below the Thursday low (104.20), but bulls couldn’t sustain rallies as each attempt was sold. Resistance is at the declining short-term moving averages (the 8 DMA (105.90), 13 DMA (106.10) and the 21 DMA (106.75)). The session high …
Cowpoked: October Live Cattle
October Live Cattle Another uninspiring session unfolds in the October live cattle contract as the market once again closes below the 106 level at 104.700. I am still proposing that the market get nudged lower here and am not looking for anything dramatic based on the divergence of momentum and the underneath channel line support. A …
Livestock Report
Live Cattle The October Live Cattle contract traded in a choppy volatile range on Tuesday, September 5, 2017. It broke down to the early session low (104.35) before surging to the high (106.45) by mid-morning. The October contract then spent the rest of the day grinding lower, and it made a new low (104.30) for the day at the end …
Vulnerable: October Live Cattle
October Live Cattle With another close below the 106 speed-line support the market has left door open for a breakdown, however, I’m not looking for anything sever. Channel line/pitchfork support convergence zone comes in at 102.500-101.500. Daily momentum indicators should display convergence at this level and any hard low might snap back. Also, the December contract remains more …
Weekly Gold Report
Gold hit its highest level since November on Friday after a weaker-than-forecast U.S. jobs report. December futures which had already made a technical breakout to the upside earlier in the week, peaked at $1,334.50 an ounce. The Labor Department reported that non-farm payrolls rose a lower-than-expected 156,000 last month. Additionally, there were downward revisions to the previously reported jobs gains for …
CLUELESS?: OCTOBER LIVE CATTLE
OCTOBER LIVE CATTLE On the weekly and daily charts we have closed below the speed line support. Although I have believed that the recent selloff is close to a termination point it is difficult to suggest a long position with the facts being what they are. It must be stated there is strong bullish divergence in the daily …