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Posted by Tango
on September 12, 2019, 7:01 am
Today’s early session has consisted of several attempts to rally but encountered rejections and continued pressure. We can safely assume, however, that shorts are looking to cover and 8:00 should bring buying. The depth of market shows that bids are greater than offers but the selling has been more instantaneous. Yesterday spreads eased as outright prices rose possibly indicating that spreads may not tighten as much if shorts are covering in the outright market. For now the market is taking some selling and is on the defensive. The arb is 41.74 indicating a stronger KC than RC.
Major currencies are mixed rendering a lower $Index. The Yuan and other BRIC currencies are all higher. USDMXN is 19.4957 -0.0073 (-0.0374%), USDCOP is 3,374.00 -0.1 (-0.003%) and USDBRL is valued around uncaring 4.0687 on the CME.
Bond futures are mixed. Equities, metals and grains are higher. Oil is lower as is sugar. Cotton and cocoa are higher.