Well, I think the first swing has not completed yet. As Mav called for more downside correctly, I'm still in the "overdue bounce needed" camp.
I think there will be some pretty significant support at $144 on the October Live Cattle contract. Will likely have to break through that level to make another move down. A close below $208 on the October Feeder contract would appear to be bearish though.
I see it as Major Highs are in for long while and any rally to be sold, when in doubt, use call options to hedge for a few days.
I closed my position earlier today but there was absolutely no follow through, and besides, the volume was climactic yesterday. If the down move were serious, it would've broken this morning.
Well, Live Cattle hit 147.87 and closed at 147.55. Volume is still pretty low but higher than it was on the last rally attempt. Buying pressure may be creeping up if it rises Monday....but I'm thinking that we are down again on Monday.
Quite a reversal today intraday. Was up half penny, now down half penny. Far months are down over one cent.
October up one penny....printed 149.25 as the high this morning. Hmmmm....here we are near 150. Can it break thru that level ?