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Pick a Card...Any Card: February Live Cattle

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February live Cattle

A rather whippy trading session played out in the cattle futures today. The three dollar plus range was the largest seen in over two weeks. The current week's ATR is , however , relatively small measuring only .275 as compared to the 14 period reading of over 4.00. The market's advance from the recent low of 122.650 looked rather unstable to me and thus gave way to today's sharp selloff which as witnessed was quickly snapped up just above the .786 retracement level. The market seems poised to make a move and currently rest just beneath the hourly channel line. I'd have to lean to the short side base on my assessment of the structural nature of the sell-off fromearly November. It appears impulsive to me. In my opinion a hold under 125.10 could trigger a resumption of selling pressure. Downside target comes in at +/-119.700. First contention level rests at +/-122. On the other side of the coin a violation of 125.950 that is able to hold above the channel would change the outlook. Upside projection comes in at roughly 127.700. A move in either direction that settles near an extreme would fulfill the week's ATR estimate. Please contact me at Walsh Trading to discuss suggested option strategies designed to take advantage of either scenario.

John Lunney

Senior Technical Analyst

Walsh Trading

312 878 2391

888 391 7894 toll free

312 256 0109 fax

Walsh Trading

53 W Jackson Suite 750

Chicago, Il 60604

Walsh Trading, Inc. is registered as an Independent Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
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About the author

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

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