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Cattle Prices Down 4th Day In A Row

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Live Cattle Futures---Live cattle futures in the February contract is trading lower for the 4th consecutive session down 0.97% or 125 points at 125.40 as prices have now hit a 1 week low and if you have been following any of my previous blogs you understand that I think a top has been formed as I'm looking at a possible short position soon.

If prices close below 123.12 I will be recommending a short position while placing the stop loss above the contract high which was hit last Friday at 127.15 as the risk would be around $1,700 per contract plus slippage and commission as I do believe the risk / reward is in your favor.

Cattle prices are now trading under their 20-day but still far above their 100 day moving average as we are still about 20% higher from the low hit on September 9th low around the 105 level, but everything comes to an end as I think prices look expensive especially compared to hogs.

Wait for the breakout to occur as trading in a choppy sideways market is very dangerous and unsuccessful over the course of time as I would rather sell it at a lower price therefor the breakout has occurred as then the odds of the trend changing have increased as this could possibly happen in tomorrow's trade so be nimble.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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