What’s Up, What’s Down: A Bullish Turn in Livestock Futures
Comments for Tuesday, April 14, 2009
Higher closes yesterday for feeder cattle and pork bellies, unchanged to lower for live cattle this time while lower for lean hogs. Cattle filled Friday’s gap but not the feeders. Both continue to look higher overall. Hogs filled over half of its gap attempting for form a massive bottom while still bearish overall getting close to a buy signal. Bellies are still in an uptrend while consolidating as only bellies can since the middle of March. I am holding Buy Signals for Live Cattle, Feeder Cattle and Pork Bellies.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at email@example.com.