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Posted by Tango
on January 7, 2020, 7:37 am
The market opened higher and did nothing else but to drift lower. It is now testing the 120.00 to 121.00 where bids are beginning to accumulate. This support may provide a base but selling by funds is likely. Of course, the market remains subject to other sectors as well. Index rebalancing is not evident but we may recall changes in the COT in the early part of the rally that we have seen. I donít know if rebalancing buying has taken place yet. Whatever the situation, the market remains uncertain but in a vulnerable state.
The $Index is higher with mixed currencies. The BRIC are mostly higher led by the Yuan. USDMXN is 18.838 +0.001 (+0.01%), USDCOP is 3,245.71 +1.50 (+0.05%) and USDBRL is 4.0585 -0.0031 (-0.0763%).
Bond futures are lower. Gold is up 17$ after being up 38 or so. Equities are higher as is crude. Cotton is lower, sugar higher and cocoa unchanged.