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Posted by Tango
on June 27, 2019, 7:17 am
Yesterday’s close was scary for longs as sellers pounded away at the 106.00 level. Today’s opening began at yesterday’s settlement which is today’s low so far. The market rebounded to above 107.00 and is trying to hold. There are signs of frailty in the form of extended dips and weakening of implied volatility. Yet the market shows resilience as well. What is the preference of traders as we come to the close of the week and of the month? Will more buying come in as we go deeper into winter or will there be profit taking? The depth of market shows little but we know that buying comes in on drops. So far, markets are generally quiet.
Currencies are mixed against the $, both major currencies and the BRIC with the Yuan a shade higher. USDMXN is 19.1133 -0.0135 (-0.0706%), USDCOP is 3,183.00 +1.72 (+0.05%) and USDBRL which closed at 3.8478 is slightly higher than that in the CME. Bond futures are steady but gold is under pressure. Equities are higher and oil lower. Cotton is lower while sugar and cocoa are higher.