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I've yet to download the next month on Feeder Cattle, so I'll share a
bit of info on October and you can carry it over somewhat.
Since someone asked me my opinion on Feeder Cattle, I took a quick look
at it and it appears to me that we should see a short term top either
made today or tomorrow (Friday 9/12).
I then expect somewhat of a retracement back down until next Wednesday.
At that point, as long as it is a retracement and not a trend change,
which I don't expect it to be, one might get ready for probing the long
side.
Oh, and one last thing.
So that I may share with you the Fdate for this market, I will be making
this The Market Of The Week for next week.
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The FDATE for OCT FEEDER CATTLE is 9/17/97.
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Come this Saturday, I will update the website to reflect this, thus
removing our current Oct Lean Hoggies which has an Fdate for today.
** On a note about HOGS. Making the lower low today put this puppy (or
piggy) on a Bias Down mode. This does NOT mean we are expecting a top
for the Fdate. What we most likely have here is a bottom since it was
lower than the last!
Due to Fdate trading rules, there is no trade yet (if you wish to
increase your safety that is).
If this market is truly posed to go up, it will hit resistance, back off
but not exceed our current Fdate bottom, and turn up again. At that
time, if it happens on FDATE|SUPPORT|BIAS-UP (or anticipated), we would
go long.
So, although we have our Fdate bottom made today (so-far, unconfirmed),
entry is risky, especially since it moved up from that low to make a top
at 70.10!
Would have been a nice profit for anyone just going with the time day,
but again I do encourage restraint and patience. We will get our time in
the sun!
cheers!
:)
rick
PS: More details on our Market Of The Week come this Saturday PM Pacific
at the forecast.htm page.
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**** http://FSoftPublishing.com ****
Market Of The Week Forecast
http://FSoftPublishing.com/forecast/forecast.htm
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