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Market *PIC*

The market was heavy from the opening. Stops were hit around the 128.00 area and over 500 lots traded down to the current low of 127.45. It is important to note that the selling went to resting bids, many of which have already been replenished. 127.50 is the striking price for Jan expiring options on Friday, as well as the approximate support area as pointed out by Nagual and JuanV last week. Hopefully more recent charts will be posted. Although at 130.00 a net 658 shorts will be exercised, as of Friday’s OI, at 127.50 the net short position becomes 4,244 lots. The market is currently on the defensive but well bid. Systems may tilt the scale later in the morning when they resume selling. Generally the market has remained subdued throughout the day. RC is in line with KC with an arb of 48.83 and the JanMar is holding at 3 premium. USDBRL is 3.2398 -.0044 and the COP closed yesterday at 2992.00 -6.58. Other major currencies are higher against the $ except for the £. Bond futures are quiet but steady. NASDAQ is lower as is crude and all the softs.

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Market *PIC*
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