Will Pigs Fly Again?

April 19, 2001
Dave Landry

Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.

There’s not much to look at again tonight. The indices are extended. Unleaded
gas is also very extended. Heating oil has pulled back but it looks to choppy to
attempt an entry. Bonds resumed there meltdown but aren’t offering any entries
yet either. Cotton, mentioned recently, still looks vulnerable, but failed to
break on Thursday. Soybeans, mentioned as a potential bottom fishing play,
opened lower and continued lower to re-tested life-of-contract lows.

About the only thing interesting I could find was June lean hogs
(
LHM1 |
Quote |
Chart |
News |
PowerRating).
They gapped lower on the open but rallied to close well. This action suggests
that their longer-term uptrend remains intact. Look for a buying opportunity
here.