* small spec at highest net long position since 2007.
* roasters had increased their buying pre-226 fall; ie, they bot a lot more than the report is showing.
* All indicators pointing down.
OI reports are terrible for targeting price, but great at showing immanent change. And I think that's what it is showing. Any upside movement is going to find resistance at 245.50 (several fibonacci targets) or current high of 244.50.
So, I continue to be bearish but respect the fact that 228 gave out and the market recovered.
Still expect to see 200 before 270.
Roaster OI
Small Spec - net position - few shorts to cover and lots of longs.
60 Min - I really dont think the mkt has the force to breakout of this channel and the topping pattern is a bull horn top.
Indicators - both maxing out....finally !!
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