Cattle markets may have a “short-term low in place,” The Hightower Report said. They cite the “spiked bottom action” for that low, and suggest “aggressive short-term traders might consider selling the October 122 put.”
They add the cattle market is showing an “extreme oversold condition” and the jump in volume is helping the market see that low. The cattle market now sits at its lowest point since June 1.
Stocks: September E-mini S&Ps this morning were up 0.32% this morning. Early this morning in Europe, the Euro Stoxx 50 was up 0.16%, France’s CAC 40 was down 0.14%, Germany’s DAX Index increased by 0.30% and London’s FTSE 100 was down 0.10%. In Asian markets, Shanghai’s Composite Index fell 1.42% overnight, while Japan’s Nikkei Stock Index finished up 0.77%.
Currencies: Early today the dollar index was down 0.37%, EUR/USD was up 0.29% and USD/JPY was down 0.11%.
Energy: October WTI crude oil prices this morning are up 49 cents (0.70%), and October gasoline is up 0.79%.