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Posted by Tango
on January 2, 2020, 7:21 am
Robusta opened with selling and has remained on the defensive, flirting with unchanged on several times. KC also opened lower but traded at and close to 130.00 several times but yielded to selling and is now on the defensive after a 6.20 drop from the highs on Tuesday. Even if funds continue to buy weakness, as suggested by the COT, the selling can be overwhelming apparently. Technically the market is vulnerable, as suggested by Nagual, but not yet quite ready to be dismissed. All interested parties, especially commercials, are likely in present in full force. The COT showed that other sectors have had interest in selling both longs and new shorts. It is likely that commercials are buyers at these levels but the depth of market reveals little.
Th $Index is much higher as all major currencies are lower but BRIC currencies are mixed with the Yuan lower. USDMXN is 18.9115 -0.0135 (-0.0713%), USDCOP is unchanged at 3,285.23 and USDBRL just opened at 4.008 -0.011 (-0.2737%) but the CME was valued at below 4.00 and is now in line.
Bond futures are mixed while equities and metals are higher. Crude is higher as are sugar and cotton while cocoa is lower.