What’s Up, What’s Down: Meats and Energies in Spotlight
Comments for Monday, May 24, 2010
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
MEATS
Higher closes last Friday for hogs, mixed for live cattle and lower for feeder cattle and pork bellies ahead of the Cattle on Feed Report along with the cold storage report. The cattle and feeders continue to act like they’ve topped out with cattle now in a bear pennant and feeders reaching a support area around the 11000 level basis the August contract. Hogs settled higher rallying sharply off its session’s lows in reversal type action. SELL SIGNALS FOR LIVE AND FEEDER CATTLE ALONG WITH LEAN HOGS.CALL FOR DETAILS!
ENERGIES:
Lower closes for the crude and heating oil along with the RBOB and natural gas once again. The crude made its lowest low and close since July 2009 again , the heat since September and RBOB since October 2009 continuing their downward slide. The heat and RBOB are also in small BEAR PENNANTS. Gas sold off again continuing its sideways action since the middle of March but in a long-term downtrend overall while at the lower end of the mentioned sideways trading range. SELL SIGNALS FOR THE CRUDE OIL, HEATING OIL, RBOB AND NATURAL GAS. CALL FOR DETAILS!
Contact me to receive a free copy of our new special report on Natural Gas futures. 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. Email Rick at ralexander@zaner.com.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.