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It appears that stops were hit immediately below the 127.70 price, and then again below 127.00. It seems that longs don’t want to be long in this market and shorts are covering only because they are programmed to do so. It’s not a great set up but that’s what we seem to have. Yesterday 128.00 proved to be a very good support. Today it may be a hurdle to leap over even with the systems buying. The depth of market favors the buy side and at lower prices it extends to Dec18. Spreads remain firm. MarMay is trading at -2.20 and is equivalent to DecMar at -3.30 which we saw trade at -3.85 at one point before it came in. RC is holding with an arb rate of 48.22 and the JanMar is 5 premium bid. The Real remains steady but quiet as USDBRL is 3.2235 -.0041. As of yesterday evening the COP was 3009.48. All other currencies are down against the $. Bond futures are recovering but are still lower. Nevertheless the metals are steady though a shade lower for the day. Oil is down again and equities are slightly higher. Softs are all lower.

Would love to see what Nagual’s 5 hour is. But possibly none of the analysts are posting because the market is not offering anything worthwhile to post.

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