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Jim Wyckoff: Govt Shutdown Leaves Hog Futures Traders Uneasy

10 October 2013
Jim Wyckoff Commentary -  TheCropSite

US - December lean hogs closed down $1.67 at $86.52 Wednesday. Prices closed near the session low and scored a big and bearish "outside day" down on the daily bar chart.

The key "outside markets" were in a fully bearish posture for the hog market Wednesday, as the US dollar index was sharply higher and crude oil prices were sharply lower.

The bulls still have the near-term technical advantage, but did fade today.

The lack of cash hog and pork product news due to the USDA shutdown has futures traders uneasy and that does favor the bearish camp.

The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $88.90.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week's low of $85.85.

First resistance is seen at $87.00 and then at $87.50. First support is seen at today's low of $86.45 and then at $86.00. Wyckoff's Market Rating: 6.5

ThePigSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

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