Live Cattle (February)
We’ve been upbeat on live cattle, but yesterday’s session is a caution flag. The market hasn’t completely broken down but is a little closer for comfort. The support pocket that we believe the Bulls need to defend comes in from 137.35-137.85, the market finished in that pocket yesterday. We did have inflation data come out this morning which came in hotter than expected, helping prop up a lot of commodities, perhaps it will help live cattle too. A bullish seasonal started yesterday for the April contract, it goes through January 2nd. It has been profitable for the last 15 years with the average gain being about 3.75 (hopefully us bringing it to light doesn’t jinx it).....Click here to get our (FULL) daily reports emailed to you!
Previous Session Bias: