Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
From close to unchanged at the opening bell the market shows good buying in the early minutes. It has since been flat right below the highs and below Nagual's resistance on his daily of 143.25. The market continues in an upward drive. Shorts continue to cover as longs liquidate. However, the daytraders are having a tough time as the roll comes into play. We are above the 142.50 striking price which is a minor strike. Yesterday a thousand 150.00 calls traded and that strike will show a reduction in the OI likely. Traders don't want to be short even at 150.00 with almost four full sessions left. If anything it addresses the sentiment of the market. The Sep arb is 44.70 reflecting RC keeping up with KC. The NovJan is 26 bid premium and KC spreads are active but still. BRL has been quiet and is 3.1264 and COP is 2981.86 -.76. Other currencies are strong against the $ except for the £ providing good support to the metals except for copper which is right under 3.00 but down for the day in line with weaker equities. Bonds are featureless while grains are higher as are all the softs.