Live Cattle Bears in Technical Command

live_cattle_nov1109.gifDecember live cattle futures on the Chicago Mercantile Exchange are presently in a technically bearish posture. Prices are trending lower from the October high of $87.90 and on Tuesday hit a fresh four-week low. Even on recent trading days when the key “outside markets” were in a bullish posture for the commodity futures markets (a weaker dollar and firmer crude oil and stock index futures prices) the cattle futures market has sagged still lower. This is yet another significantly bearish