FOR FRIDAY: (10/19) Grains failed and topped early and now they look lower into at least Tuesday and possibly longer. Trade should short-cover cattle before the COF report and we’re not clear on action next week. Hogs are getting oversold and close to key support.
TODAY’S COMMENTS: (10/19) Market should hold 368 but may not take out 372-72.50 on bounces. Will put orders in near 372 and look for lower action next week. Five waves down into early next week projects 363.
CYCLES OVERVIEW: Lower into Oct. 23.
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