LEQ8: -.75 at 108.275, trading in a range of 3.875
LEV8: -1.00 at 109.775, trading in a range of 4.075
GFQ8: -1.35 at 151.475, trading in a range of 4.425
GFU8: -1.40 at 151.85, trading in a range of 4.05
Cattle Commentary: Cattle futures traded both sides of unchanged, testing significant resistance and support levels within the matter of a few hours. As mentioned in previous reports this week, we were looking for a pullback, it just happened to take little longer than expected and today was a “do or die” day for decision making. The market ran stops and cleared the market above our resistance pocket and recent highs which came in from 110.175-110.50. The inability to feed off of the momentum triggered a round of long liquidation. The market came back near our trendline support pocket which we had laid out as 106.25-106.35. Click this link to watch our weekly “2 Minute Drill”. On the fundamental side of things, bids remain near 110-111 with most offers hanging at 115.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.