FOR THURSDAY: (9/27) Trade waiting on Friday’s USDA reports. Those reports are also happening at the end of the month when funds square position and before a harvest weekend. Cycles for Thursday look potentially lower so the trade may cash in their chips. Cattle may hold up all day but we will move stops up.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (9/27) The 17-cent drop off of the highs is ugly and would suggest a retest of at least 837. Some patterns suggesting 866 and 880 thereafter. Going to leave it until the morning but it’s probably a light sale and then we have to gamble on the Friday reaction to make some money.
CYCLES OVERVIEW: Higher into Friday.
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