Hi Kevin,

Feeders reached the 165 area we mentioned some months ago.  Fats ran into trouble near the pendulum ML. The formation as it has continued to develop would have me a little apprehensive about buying into this latest bull move.  And while I think that fat cattle to continue to be supported longer term as we work out way through the energy stores of the bigger pendulum formation, I think it is likely a pullback of longer duration occurs to replenish the short term energy. Feeders pendulum exists much higher, near 200 or so.  But I am not so sure that bigger formation is complete there and I would expect a broader base  near the lows there so again, I would have an eyeball on this rally and watching for a failure.   Both charts expended a pile of energy and went vertical in the latest leg and they way the formation appears to my eye, they may be 'fishin' for sucka's.  Manage risk - don't be hypnotized by the twitching worm....JMHO.

Take Care