Cattle Acting Kind of Cool
I typically watch a 15-minute bar over five days when I’m looking short term in meats or grains. As is pretty typical for most markets, they tend to fill their gaps. What was pretty cool to me today was on the open June gapped below yesterdays limit move to fill a gap left from 4-6 at 80.65. Within 5 minutes it rallied back to nearly fill the gap left from the open but not quite. It broke back down to around the open this morning only to begin another trek upward to completely fill that gap. They kept right on going to near 86.00 and it looks like they are getting some support at 84.00. The technicians I think would love that action.
The Hogs Nearly as Cool but not quite.
June Hogs gapped open just slightly under yesterday’s limit but rallied back quickly. It looked like they would follow suit with the Cattle, but they pooped out. Breaking down to 41.35 or so they rallied back to yesterdays close of 45.00 leaving a gap between 46.70 to 48.55 yet to be filled. Let’s see what they do.