KCN8 settled +.05 at 120.30, in a session which experienced its highest low and high since the 7th of May, within a -50 to +190 range. Resistance emerged as prices approached the 122.62, 100 day moving average, an obstacle which has only been surmounted twice this year. Volume of 69,485 lots was enhanced by 25,804 spreads of which 19,457 were in the July series. London performed poorly on a technical basis with an outside reversal and the low for the day posted on the close, which in tandem, saw NY retest the early morning lows. In options the trade of most note was 2,648 March 210 calls trading live between 135-150 points. Month end tomorrow carries little by way of expectations as volatility remains depressed and price levels fail to generate enthusiastic participation.
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