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Market *PIC*

There were a couple of times where selling took place this morning, at the opening and at around 5:38, the latter which established the lows of the session. The market managed to be well supported anyway and is back at the 130.00 area. In looking at a chart we see that the market is still contained within the grid. In relation to Dec and a -3.50 spread we can see that 128.00, or 131.50 in March, is the top of the grid or box that the market has respected several times in the last few months. Hopefully breaking through this level will change the pattern that we have seen. For now we continue to see a steady and slow incline which will intensify at 8:00 when the systems get going. The depth of market however shows scattered buying and clumped well populated selling. We know it to be true that short covering is taking place while longs, mostly commercials, liquidate. London is also a weight on the market as the arb is close to 50.00. The JanMar however is steady at 7 premium. The Real continues to be steady and is approaching the 3.2000 area in the USDBRL. The $ is mixed and DX unchanged, bond futures have been weak for the most part this morning and metals are easing accordingly. Oil is slightly lower and equities slightly higher while the softs are unchanged to slightly lower.

Any views on heating oil and nat gas considering the arctic wave that us expected to hit North America in a few days?

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