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Check Point: December Live Cattle


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December Live Cattle

The December live Cattle market is close to a targeted extension level of roughly 126. Prices topped out today at 125.900 and a reaction off this point would not be out of the question. As of now I do not observe any momentum divergence and perhaps a minor new high will produce this. If so I'd be expecting a moderate correction to unfold. This should be non-impulsive in nature. My targeted support zone comes in between 122.200-121.200. The structure to me does not seem complete and points to another leg up for what may be the final sequence of the advance from 106.725. There is seldom any glory in attempting to pick a top or bottom and is best in my opinion to wait for the structural evidence needed. There overhead extension lines rise as time passes. Coming off any retracement that might occur,depending on its duration, would suggest an ultimate advance to 127.500-128.500 with the overhead channel high coming in at +/-129.500.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my technical approach. Employing my expert skill set Id be pleased to offer a free customized outlook for a product in your specific field.

My direct line # 312-878-2391

Please join me next Wednesday as I apply Wave Theory and Geometric targets levels to this and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

312 878 2391

888 391 7894 toll free

312 256 0109 fax

jlunney@walshtrading.com

www.walshtrading.com

Walsh Trading

53 W Jackson Suite 750

Chicago, Il 60604

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John Lunney began his trading career in 1989 as a clerk for IFO, the largest futures and futures options brokerage on the CME floor. Within one year, John was promoted to an executing floor broker responsible for handling large individual and institutional accounts. John’s knowledge of option theory and tactics quickly attracted a growing customer base. In 2000, John began exclusively trading futures and futures options for his own account. John later became a founding member of VI Capital, a proprietary trading company funded with personal and investor funds. At VI Capital, John was the director of risk management, technical analysis and strategy development. VI Capital realized multi digit returns over the course of 8 years of trading.

John has extensive trading experience in stock indexes, metals, commodities, energy and agriculture products. He believes that hard work reveals the best trading opportunities, and strong discipline creates consistent results. John possesses a unique ability to connect with customers, understand their goals, and work with them to create long and profitable relationships.

Contact John
Phone: 312-957-8108 or 888-391-7894
Email: jlunney@walshtrading.com

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