There is not much to say insofar as market analysis related to either COT reports, RC and KC, because Friday’s action seems to make any analysis irrelevant and insignificant. The selling that took place on Friday was truly overwhelming for the market. The volume was 69,246 lots 58% of which were spreads. Of course, most of the spread volume was generated by forward bids being hit and linked with front selling. Although the market feels like it has more to go, there was a great deal of buying as well both in the front and in the forwards. A lot of it was likely options related. If the intensity of selling continues then we may see targets expressed in the forum. Personally, Nagual’s channel chart perfectly depicts my impressions and limitations of the market.
« Back to index