|
Buxton ND | Blu here's where I do things alittle differently, IDK if its right or wrong. U has 42k on OI = open interest, X has 357k so U really does not mean much. I just jump to ZSX and see we took out this summer low/last falls low/made a new life of contract low and life closing low this after breaking out of the bearish flag formation made after the report. I'd have to be drunk and stoned not to read that as bearish. This is the lowest beans have traded since October of 2009
Saying that the close wasn't as bad as I expected after doing the above (this is positive) and there was some lite/fair buying interest after we printed the new low. Starting with a gap lower tonight would be ugly. Plus we gotta remember we started things out Sunday evening with a .06 gap lower (it was filled shorted after 8pm) gaps down OR up have a very strong trend to set the tone for the week. Things should open easier a tad higher generally support by the dollar, export sales will be the watch in the morning for BEANS,,, don't be surprised if the HFT's have some fun $9 no matter what it says. | |
|
The Question on Bean Traders mind today
