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OI/Market *PIC*

The change in the OI indicates a combination of activity consisting of systems new selling with possibly some long liquidation and other specs both buying new and possibly short covering. It’s difficult to dissect as the only certainty is systems selling. There is resistance present which is likely long liquidation and, knowing that commercials are unlikely buyers as the market moves higher, the new buying is probably other specs. This morning we touched upon 123.00 and the market is holding. It may be very interesting as we move higher above this level as JuanV described because of short covering in the form of spec stops and systems reversal.

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OI/Market *PIC*
Volatility Firming