Feeder Cattle are filling a gap today which was left in April last year. The sell off last month cooled sentiment and reset the overbought conditions which has allowed the market to roll higher.
While the optix is approaching excessive optimistic levels, I do believe there could be room to make one more push higher to the next target near $170 before exhaustion occurs.
Its pick your poison time. An option strategy here would set a nice floor yet still allow you an opportunity to sell at a price level $10.00 higher than where we are today. These levels can disappear very quickly.