The $Index has been climbing as major currencies continue to be mixed. BRIC currencies are almost all down but the Real is the exception, even against other LatAm currencies. USDMXN is 19.6202 +0.1108 (+0.57%), USDCOP is 3,518.03 +15.03 (+0.43%) and USDBRL is 4.2546 -0.0090 (-0.2111%).
Other markets are also quiet and mixed with equities slightly lower and gold slightly higher. Crude is also a tad lower.
The market from my point of view has remained steady in spite of many moments of weakness, and in spite of a generally weak Real and improved weather conditions. Certified stocks continue to be drawn. Yesterday the UZ traded at -2.10 but 1,000 calls on spreads with a -1.00 strike were purchased. Although the trade also consisted of -3.00 puts purchased, it does demonstrate a fear, or anticipation, of tightness especially with Sep which represents the bulk of next year’s harvest. Also worth noting is that in general resistance is not as great by sellers.
Happy Thanksgiving to all. Some day all people hopefully will be able to celebrate this holiday.
« Back to index