Looking To Sell Cattle

Live Cattle Futures---Live cattle futures in the February contract settled last Friday in Chicago at 124.97 while currently at 123.55 ending the week on a sour note down about 150 points for the trading week as prices are hovering right near a 3 week low.

Cattle prices have rallied about 20% from their September 9th low as that's how far prices have rallied, but it looks to be stalling out in my opinion as I will be looking at a possible short position in next week's trade while placing the stop loss above the contract high which is hit on November 12th at 125.77, however I will wait for a 4-week low before entering so be patient and keep a close eye on this market.

Cattle prices are trading under their 20 day moving average for the 1st time in months, but still far above their 100 day moving average as that just tells you how much this market has rallied especially compared to hog prices as cattle looks expensive in my opinion.

I think the upside is limited as the risk/reward is to the downside in my opinion as the volatility in cattle remains high so if you do get involved make sure you risk 2% of your account balance on any given trade as the proper money management technique.

TREND: HIGHER--MIXED

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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