There was selling below settlement but was absorbed by strong buying. The low was set for the morning, buying persisted but selling came in around the 106.00. Yesterday it was a steady climb and prices traded up to immediately under Nagual’s resistance level. As has been the theme of this market, longs come in and stifle rallies either temporarily or to the point of reversal. For now the market is remaining above the 105.00 area but with offers lined up. Bids begin at 105.00. Volume was higher than it has been. 67,874 lots traded of which 60% were spreads but in March 34,287 lots traded of which 35% were spreads. So there was good outright activity which may very well have been liquidation on both sides but we will need to see the OI change for confirmation. If funds are covering we may see an elevated 8:00 but with the usual resistance. The $ is weaker against all major currencies except the ¥, rendering a slightly lower DX, and is mixed with EMs. USDMXN is 19.3597 +.0017, USDCOP is unchanged at 3148.95, though the Peso was strong yesterday, and USDBRL is 3.7078 -.0054 -.15%. Bond futures are lower and have been trading either way for a while. The less industrial metals are lower but others are higher with higher equities. Oil and cotton are higher while sugar and cocoa are lower.