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Blue Line Express: Live stock round up

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Cattle Commentary

Cattle spend most of the Monday session flipping and flopping on both sides of unchanged before ending the day near unchanged. December live cattle last traded at 117.10, down .15 from the session open. November feeders were down .20 from the session open to close at 155.025. Cash trade was inactive for the most part on lack of demand led to an inside day in the live cattle market (when prices are contained within the previous sessions trading range). The market seems to be waiting for more confirmation in either direction so keep an eye on the cash development if activity picks up.

Cattle Technicals

Live Cattle (December)

Though many analysts feel the market is overvalued at these levels, the chart remains fairly friendly as higher highs and higher lows continue to be the trend. 116.30-116.50 was our key technical resistance on the last leg higher, that now becomes first technical support. If the bears are able to achieve a close below this pocket we could see some long liquidation from funds who are looking to capitalize on last weeks rally. If the market gains ground above Fridays highs, it is possible to see the market press back towards 119.175 and a close above that will likely lead to a bigger squeeze of spec shorts.

Resistance: 117.575**, 119.175-119.85***, 122.85****

Support: 116.30-116.50**, 114.60***, 112.65-112.90***

Feeder Cattle (November)

Feeder cattle have been basically consolidating between 152 and 156 for the better part of the last two weeks. With volatility coming out of the market, it may be a decent time to consider looking at options whether you are a producer or a hedger. The market does feel heavy in the sense that there appears to be a buyers strike and lack of additional momentum at these prices. If the market is able to take out Fridays low, we could see a continuation of selling pressure down towards 147.7-148.65. This pocket represents the 50 and 100 day moving average which are the indicators that helped spark the $13 rally once we closed above them in the beginning of September. Keep in mind that the cattle complex is a relatively thin market, so although technical are important, they should be taken with a grain of salt.

Resistance:156.975-157.15***, 158.025***, 160.90**

Support: 153.125**, 151.375-151.475***, 147.70-148.65****

Lean Hog Commentary & Technicals (December)

Lean hogs managed to start the week with a bang. December futures closed 1.45 higher from Fridays close to end the session at 63.825, the highest closing prices since August 15th. We were on RFD TV this last week and again this morning talking about the possibility of a technical breakout from a wedge we have formed over the last two weeks. Fundamentals and technical aligned and gave the market what it needed to make a strong move higher. The cash market has been stabilizing put increased production could keep a lid on an extension above contract highs at 65.75. The bulls remain in control until the market closes back below our support pocket from 61.345-61.80.

Resistance: 65.35-65.675***, 67.825**, 71.325**

Support: 62.375-62.40**, 61.35-61.80***, 60.10**

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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About the author

Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.



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