Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Today’s market is steady but quiet and presently trading slightly above Nagual’s newly posted 5 hour support area. The depth of market is equally unremarkable for about a penny on either side of current levels and symmetrically dense beyond that. Systems are buyers and will show themselves around 8:00. As we observe behavior, as well as the OI, any rally is met with long liquidation. Nevertheless, it is very likely that we will see other funds, other short specs, cover as we move higher and as we proceed closer to the end of 2017. The MarMay is finally showing signs of fatigue after having traded up to -2.10. It is now -2.30/-2.25. The arb is 43.60 and the JanMar is flat bid. The Real is unchanged at 3.2900 and the COP closed yesterday at 2970.62 -8.58. Currencies are mixed and rendering a tad higher DX and bond futures are on the soft side but metals are very steady. Equities continue to soar and crude is higher. Sugar and cocoa are lower and cotton is higher.
Is there a possibility that the equity euphoria as a result of tax “reform” will spill into our market?