New year, New opportunities: This is what was reported throughout the day. I do a lot of chart perspectives like below, with extensive charts, sometimes up to 20 charts a day. Current trends are Grainstock, Beanoil, Corn, Meats like Lean Cattle, Hogs, Feeder Cattle but I can certainly look at other areas if you like my style. https://bit.ly/3iE4Tf8
Cattle after first of year swan dive has come back and today got back over this blue neckline, NL
APRIL – CLOSED .10C OVER BLUE NL 11941. These are both OLS#1's up there with higher one two years. So decent indeed for hedging.
Now look, I do not have meat connections. I have a liberal out west that text me how I nailed the civil war call. So if something or a report is lurking out there I probably do not know.
I do know levels and IN GENERAL Back month cattle has best looking bull charts. Not much above in backs. I threw a bunch of spreads in also from last year. That is what CQG allows is going to the same chart with data tweaked correctly, in my mind. I'm a stickler for having the right levels.
ALSO IN THE APRIL MR CATTLEMAN, GLEJ 122.75 or 10c over ols#1 but bigger of two so two levels there. Gap is a yellow line 70c over that. Just color on what I see up there. Talking Out Loud: Is big seller Monday going to buy it back over this blue NL? YES I will do a hogs BUT MOST OF YOU ARE professionals anyway. I mean in the business and just need a level? You don't need a comment.
GLQ GLM both ARE OUTSIDE UP WEEKS. I wouldn't fade that, didn't grains do that in day charts? I have to get outta here. This could be a blast higher, or slower but the chart looks good. I remember talking $25 NL projections in FC while back. Also I was saying while back how MAY FEEDERS was most suspect. Were we getting over an OLS?
JUNE has a gap on the high of day. I just noticed today but for traders tomorrow it might be pivotal. 115.69, going down a bit is off some highs, light grey is my generic that you might find on most charts. This is a weekly GLEM chart and those are valid olives 116.24 11864
Hogs – FEB HOGS RED IS HIDDEN - 6903 and LOW- IT IS HALF way OF 2016-2019. I say they can or can't work and only play when far away and you need a level. I say for the most part, leave REDS for traders with few exceptions, closes over if you need to make a call on a close for exp. Only possible hint I see.
7165 also a red last week of only last year, as we hit last month’s high, sorry on caps, looking at charts.
ALERT – FEB HOGS – poss Buy green 6883 w 45c stop max, see MSP ? 68.57 and 68.53 a line. So a few but over OLS and back down to green buy of an OLS VIO. Not cast in stone so risk stops a must.