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Greetings Squealers and Slop chuckers everywhere!
Okay, we need a market this week, and I've been delinquent because of
attending the Futures West Conference and one day of Optionetics. Now that
this is all over for me, I'm here to post an OBSERVATION. Better late than
never.
It always seems that I am bucking the commentary of the market gurus. This
time is no different. Making you all should make an indicator of this as
well.
Here is my against the grain take on the Ms. Lean Piggies of December.
********************
Lean Hogs
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Hit resistance today making a top. Hit support also making a bottom. Which
is it on our Fdate day today? Well, some thoughts to consider.
1) Trend is down.
2) Closed low, even below open price.
3) Lower top than the previous top making a declining wedge or triangle
(bearish).
4) Weekly trend is down.
5) Cycle turn due week of 10/17, most likely a bottom.
6) TTC Convergence of prices suggest that it can go as low as 6340 if 6505
taken out, which would form a double bottom on weekly.
7) Cycle high was due on this Fdate.
8) I can't find any reason to go long!
Maybe an entry stop to go short just below 6505 might do the trick and I'd
be going where the market wants to go.
No need to guess. If my entry is taken, I'd put on an opposite stop just
above the top of this day.
Well, now to wait until tomorrow to see if ANY side of today will be taken
out at all.
cheers! * 1.618
:)
rick
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