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Posted by Tango
on January 8, 2019, 6:56 am
The market opened unchanged, tested below 102.50 and proceeded to move higher in thin trading and hitting stops. Although both the $ and kc are higher, our market is reacting to the DX. For now the market is not giving back gains and providing no opportunities to buy dips. The depth of market is showing a very crowded sell side and a sparse buy side. Spreads are firm with MarMay -3.00 bid. The arb is widening as the market firms, 33.70, indicating a lagging Robusta, normal behavior. The Canadian $ is the only currency higher than the US$. Most emerging markets are down as well against the $ but the Real and COP are slightly higher. USDMXN is 19.3631 +.0087, USDCOP is 3179.00 -.99 and USDBRL is 3.7185 -.0166 -.44%. Bond futures are slightly lower, non-industrial metals are lower while the other metals and equities are higher with crude. Sugar and cotton are higher while cocoa is lower. The market has just made a new high and is holding 104.00. Its very possible that the algos whil begin as buyers but there is resistance on the way up. 105.00 is the next strike. Stops are obviously present.