KC traded a 150 point outside day today, not a huge accomplishment considering we had a 115 point range yesterday, and settled with a 10 point gain at 116.90 basis May. Spreads accounted for the lion’s share of the volume with 38,387 traded of which 22,772 were in KN trading between 2.10 and 1.90 under. Open interest increased by 551 lots and over the CIT reporting week has increased by 4,149 lots whilst the market fell net 115 points A new May contract low of 115.95 was posted, a mere tick lower than yesterday’s, as the prices grind lower while the pace of selling dries up. The enthusiasm for jumping in with gusto on the long side goes lacking and calls for a low being in place get paid attention to as much as the boy who cried wolf….and we all knows how that story ends. Every dog has its day.
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