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Market *PIC*

We again see selling at the opening hitting resting bids beginning at current highs. We see additional selling later in the morning but for the most part the market continues to be supported with resistance. The depth of market is equally balanced in both May and Jul but selling does come in at any sign of strength. The market has spent quite some time this week below the 117.50 strike allowing put longs to hedge. Above 117.50 these hedges are not needed. Of course, the put shorts may have been sellers below the strike. The MayJul is -2.05 bid for now as is the JulSep. RC seems to be lagging this morning with the arb at 39.49. The front spread there is also soft at -32. In general we have an unexciting market waiting for dirt’s projections to come to fruition and with steady undertones. We’ll see what 8:00 brings. The Real rallied nicely yesterday and the USDBRL is 3.3743 +.0009 this morning, while the COP is unchanged at 2720.80. Bond futures are weak, the $ strong and metals have dropped. Equities are slightly higher and oil is slightly lower after a sharp rise yesterday. Softs are unchanged to slightly higher.

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Market *PIC*
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