Yesterday the market once again proved its resilience and determination as it was pressured most of the day, lingering above 132.00 and supported by funds and shorts. It then rallied at the end of day to close almost 2 cents higher. Activity again extended across the board.
The $Index is higher as all major currencies are lower. The BRIC currencies and LatAm currencies are almost all higher against the $, except the Rupee whose country is having political issues. USDMXN is 19.1206 +0.0061 (+0.03%), USDCOP is 3,372.1001 -2.14 (-0.0634%) and USDBRL just opened at 4.1216 -0.0022 (-0.0533%).
Equities and metals are again both higher as bond futures are mostly lower. OI is higher while cotton and sugar are unchanged. Cocoa is lower.
Traders are faced with a dilemma with longer term positions and implied volatility as to the extent of the rally and the severe corrections that take place.
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