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Posted by Tango
on August 13, 2019, 7:01 am
The low was initially made at the opening and again later in the morning, each time hitting a wall of bids. The market has remained steady possibly because of the good scattered bids, specifically in Jul21. Yesterday spread volume was significant but it was as a result of forward buying linked with front selling, mostly in Dec which is now the lead month with higher volume and OI than Sep. Selling began immediately at 8:00 which may mean that it was MM rather than option position squaring after Fridayís expiration. Letís see what happens today at 8:00. For some time any rally has proven to be a short opp.
The weakness in the BRIC currencies appears to be more related to the Yuan than to the Argentine Peso. Major currencies are mixed rendering a flat DX. USDMXN is 19.6106 +0.0047 (+0.02%), USDCOP is 3,424.53 unchanged, USDARS is 52.15 +6.9045 +13.24% and USDBRL which closed at 3.9848 is 3.9906 on the CME.
Bond futures are mixed, gold and silver are higher while other metals are lower with equities. Grains are mixed while crude is slightly lower. The softs are lower.