What’s Up, What’s Down: Higher Livestock Futures
Comments for Monday, April 6, 2009
Looking Ahead to Today By Reflecting back at Friday’s price action
MEATS:
Higher closes last Friday for pork bellies, lean hogs along with live and feeder cattle. Today’s action gave me a buy signal in cattle but not quite for the feeder cattle contract. Hogs are close to a buy signal but not there yet . Bellies were higher again for the 4th trading session in a row and should test their last high of 92600 basis the May contract. I am maintaining Buy Signals for Live 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 ralexander@zaner.com.