FOR FRIDAY: (8/19) We went into the week with a bias for a retracement into the end of the week and we could easily get profit taking. Still, cycles may be inverting and if the grains hold up into Sunday, they may start retracing early next week. Cattle will do short-covering before Cattle on Feed, and hogs have no risk/reward until we get a 3-wave rally that may not come in.

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