Morgan Stanley Coffee Report

A third day with a very similar trading pattern wherein the previous day’s low was breached but there wasn’t any follow through.  For what it’s worth the low for the past 2 sessions  was posted just shy of 1 pm, but the “bounce” into the close amounted to all of a tepid 40 points.  It is frustrating to summon inspiring input following a 170 point trading range which followed Tuesday’s 175 point range and another weak close in the face of a green macro, so pardon the brevity but if you don’t have  something nice to say keep your mouth shut!  Across the pond the market traded sideways in a 1633-1668 range for a 5th day running.  Option volume however was brisk with 6,548 calls and 1770 puts traded, buoyed by 2000 of the Sep 1550/Jul 1500 diagonal call spreads trading at 15 points to the July.  We await a catalyst.