The gap at 88.47 will be major resistance when coupled with the 200 day moving average at 88.65.
Downtrend line near 86.90 is resistance, the gap at 84.07 supports.
In my daily numbers on Friday; my resistance was $0.40 from the actual high,
Cattle: Numbers have been good, market oversold, looking for support. The pivot will act as good support Monday if above, but longer term bulls should have a sell stop below the gap at 84.07. I like the idea of selling near 86.60 with a buy stop above 87.00 to protect.
Late Friday I loaded my "market maker" CME platform (EOS) with cattle futures and found out what you livestock traders already know, they do more contract daily volume electronically than they trade in the pit. I loaded only a couple of options one of my producers have on and seen a market being made but no trades in those strike prices. I also noted it trades long after the open outcry closes. The EOS platform allows me to put in any option strategy, with any option strikes I want to use, and do a "RFQ" a request for a quote, and everyone can see that in the system, and a market maker or anyone else, can put out a bid and offer. You can enter a real bid and/or offer and everyone knows it is there. Not like in the pit where only the floor broker and the locals (floor traders) know it is there (your order). I will pursue this next week as I do have a few cattle and hog producers on my hedge book, and we use the options to hedge, and keep you informed on what I learn.
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Howard Tyllas
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