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Posted by Tango
on November 22, 2019, 7:16 am
This morning we began with buying in both markets. Prices attempted to reach unchanged to settlement, (the post close was lower than settlement at 114.65 last). The depth of market is equal and the arb stands at 50.84. Buying should resume at 8:00. Funds only act in unison to the extent that the buying of one will trigger another and another. Yesterday, 90,064 lots traded and 53% were spreads, but in March, 50,800 lots traded with 32% spread related. All sectors are in the game. The market is acting like a bull market during active trading. Still, skepticism is present in the form of longs needing to flatten. Yet, the COT showed 63 active funds long and 70 short. It will not be surprising if funds are mostly long and will continue to buy. The net short position of funds in the latest COT was only 12,611 lots. There continues to be the absence of significant forward selling.
The $Index is slightly lower with mixed currencies including BRICs with the Yuan lower. USDMXN is 19.4006 -.0198 (+.10%). USDCOP is unch at 3416.90 and USDBRL just opened at 4.1979 +.))40 (+.12%).
Equities and metals are higher, oil is lower, sugar and cotton are higher while cocoa is lower.
Great posts by everyone. Glad to see JuanV posting more often and Admiral's cash market comments are very valuable imo.