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Posted by Tango
on November 29, 2018, 7:16 am
The market has been quiet but under pressure from the start of the morning but it is trying to hold 113.00. Yesterday showed that selling is temporary. The OI seems to be indicating short covering and long liquidation. The depth of market is not showing much either direction for now. There is indecisiveness but it is benefiting day traders. The arb is showing a value of 38.53 indicating a relatively weaker RC. Warehouse issues have motivated traders to sell spreads but the outcome is uncertain. Yesterday the JanMar traded between -2 and -15. The $ is higher against all major currencies except the ¥. Most emerging markets are higher against the $ except for the Real. USDMXN is 20.1928 -.0985, the USDCOP is 3261.4 -4.60 and the USDBRL is 3.8712 +.0211 +.55%. Bond futures are coming off their highs. Metals are mixed with gold and platinum higher. Equities are down while oil is slightly lower, and cocoa is higher while the other softs are lower.
8:00 continues to be uncertain as algos are obviously absent. Long term projections would be premature but the market is showing some signs of steadiness.