Offering technical & mechanical analysis of the commodity market, for the improvement of risk management.
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“Shootin’ The Bull”
Commodity Market Comments
by Christopher B. Swift
September 22, 2017
On Feed: 104% Placed: 103% Marketed: 106%
Although the placement number is higher than preguess, I do not perceive that it will be troublesome down the road. With consumers, and industry participants on a tear with meat, I would dare to say any weakness from this would be short lived in both time and price.
Minor wave 3 of intermediate wave 1 continues to unfold. With the oscillator remaining at the upper levels recently achieved, there isn’t much to go by. Again, I think the bears may get to relish one more time before the end of the year. However, all that would be transpiring would be the intermediate wave 2 correction which would begin to set 2018 up for an intermediate wave 3 rally of major wave 3. Were the cattle market to be exceptionally strong, it will be this winter and spring that I would anticipate the most price gains.
I remain no more correct or incorrect on my analysis of corn. My analysis suggests it should be going up, it’s going down, and I don’t think that being short would make me correct.
Crude and gasoline took the lead today, but diesel hung in still plus on the day as I write this.
S & P 500 Stock Index:
Equities continue to tread water.
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