CME:LC1!   LIVE CATTLE FUTURES
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A play on both higher meat prices and lower grain prices, Live Cattle             registered a weekly double bottom through this past week when it traded up through 122.95. CRI's current Weekly Commodity Trend Survey is long from 122.95 with stops should be just below 120.375. A 50% retracement of the 2013 sell off would bring prices back into the 126.50 and shall be the initial target.
09/06/13: Initial target (126.2375) hit. Stop to break even
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Cattle keeps charging higher! Move stops to just under last week's lows at 124.20. Daily ab=cd bull price pattern suggests a target in the 131 area which corresponds nicely with our projected Right Shoulder target in and around the 132 area...
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A monster gainer. Targets hit (OTE Short Sweet Spot) at 129.675 or about 7 points (at $4 per point) that's $2800 per contract......wtg CRI.....
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