FOR MONDAY: (11/13) We had counted on more downward action on Friday but didn’t get much. The 29/30 day cycles are weak into Wednesday and seasonals are lower usually after the USDA report but Monday could be volatile and whippy if any bullish news comes out. We won’t panic about shorts given seasonals. Cattle are bit oversold and a 2-day bounce would be healthy but not sure they are done yet.
TODAY’S COMMENTS: (11/13) We did get filled at 342 although the market didn’t print 342.25 to guarantee a fill. We see a move to at least 336 and want to be short in case something bigger develops. Market could rubber-band out of that area early next week. Doubt that much over 348.50 will develop the next few days.
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