February Cattle Daily Numbers & Trade Ideas for 12/28/09
Dec 29, 2009
This report was sent to subscribers on 12/25/09 6:00 p.m. Chicago time to be used for trading on 12/28/09. Everything is done by Howard Tyllas, no program or black box.
After the close on 12/28/09: My resistance was 85.45, just .05 from the actual high, and my pivot acted as support and was 84.87, just .02 from the actual low.
On Thursday 12/24/09 my numbers were:
Grains: Exact low and $.01 from the high in soybeans, and spot on corn numbers.
Crude Oil: My numbers were $.41 from the high and $.03 from the low.
S&P: 4 ticks from the high and 3 ticks (.75) from the low.
Gold: On the spot support and helpful resistance.
Euro: .07 from the high and .23 off the low is spot on!
Bonds: 3 off the low and 7.5 off the high.
Natural Gas: .005 off the high and .012 off the low were perfect in a .319 range for the day.
Cattle: Helpful numbers.
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85.92 Key resistance (near DT line)
Trend 88.37 is the 200 day MA
5 day chart....…. Up from last week same day
Daily chart ……….Down
Weekly chart …….. Sideways
Monthly chart …... Sideways
ATR .92 Balanced 53%
February Cattle (elec.) for 12/28/09:
I continue to say "Major resistance is the long term downtrend line near 86.00. Support is the bracket line (green) near 84.32, and then the gaps at 83.27 and at 82.17".
Notice how I use the open outcry chart to locate gaps, but I do my numbers for the electronic market as always. Open outcry is where I find the major players doing business.
In my daily numbers on Thursday; my pivot acted as resistance and was .32 from the actual high, my pivot also acted as support and was .37 from the actual low. Market is looking for direction rotating at the pivot.
Cattle: I have the same thoughts as before as to future direction. Green bracket line supports, and the downtrend line (red) resists.
Commentary for 12/24/09
Cattle: Accurate numbers. Bulls are not dead yet. Red downtrend line is resistance, and green uptrend line supports. I could trade either line using a stop to protect.
Commentary for 12/23/09
Cattle: Accurate numbers, but more important was the trade idea to sell near the downtrend line, which was rewarded nicely again. Little risk if wrong and stopped out, great location for a good reward if right.
Bulls must hold this level to form the lower part of a right shoulder to set up a possible head and shoulder bottom. Bulls still have to prove their case to me; I want to continue to sell rallies at resistance.
Commentary for 12/22/09
Cattle: Accurate numbers. I have the same thoughts as yesterday
Commentary for 12/21/09
Cattle: Spot on numbers! My idea of selling near resistance risking .32 to make .65 worked in the morning, but the resell at resistance late in the day only produced a .42 break. There was never any pain in either sell because the rejection at resistance was quick both times. Bulls held exactly above the steep downtrend line and I think the chart wants to test the crisscross above at 86.27 next (as long as my first support holds early this week). I want to be a seller there and risk .40 to make 1.20.
Commentary for 12/18/09
Cattle: Spot on numbers! Chart is catching its breath before attempting an assault on the downtrend line. I would sell near first resistance risking .32 looking to make .65 on a day trade. Long term bulls should have a stop just below the first support, and bears should throw in the towel above 86.27.
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