KC traded in a 2.20 point range which, while it was tight, proved to be an outside session accompanied by a fresh 2 week low and settled at 120.30 for a loss of .45 points. The algo selling continued unabated and was absorbed by a sizeable dose of industry buying. Origin were quiet and the sidebar comments revolved around the market being stuck between a rock and a hard place are getting long in the tooth. London in the meantime traded a triple top at 1788 and formed a double bottom with Wednesday’s 1754 low settling down $25 at 1760 basis May. Tomorrow brings with it KC April option expiry. The April 120 put traded 916 times and with open interest entering the day standing at 2,978 lots it could be another rational for the market finding buyers as we approach the strike. Another chunky gain of 12,309 lots over the COT reporting week will make tomorrow’s release closely watched, especially since the market had a net increase of only .15 points basis May.
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