The bulk of the session traded in choppy 225 point , -55 to +170 (13880-14105) range, as systems funds remained engaged as sellers while discretionary paper and managed money traders, encouraged by Friday’s C.O.T report, tested the muddy waters on the buy side. The C.O.T. report revealed funds to be approximately 7,000 lots less net long than the estimates, and, while the number confirmed funds have liquidated to the tune of 35,000 lots since their record long exposure of 58,960 lots the week ended the 8th of November, the knowledge alone did not put an immediate end to already engaged chart inspired selling regimens. The action got curiously exciting during the final 13 minutes of trading as prices popped from 14105-14310, finally breaking the 8 days streak of lower highs, as selling dried up and end of day buyers emerged. Whether the first positive close in 6 days will be enough to turn off the relentless fund selling, and allow for a relief rally, while plausible, has plenty of disbelievers, but whether there is a heathy degree of skepticism, remains to be seen
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