March Crude Oil continued it's rally on Friday, marking the low just 14 cents below the 76.20 support level, then rallying 2 bucks from there.
support - 77.40
76.20
resistance - 79.60-80.00
82.20
March Soybeans marked it's low 1 cent below support of 1209.50, and continued it's weakness.
support - 1208.00
1201.00
resistance - 1218.00
1231.00
1247.50
March Soymeal marked it's low 1.9 points below the 351.50 support.
support - 347.20
339.00
resistance - 357.00
360.50
367.00
March Corn marked it's low 2 cents below the 347.50 support level.
support - 445.50
443.50
436.00
resistance - 452.00-453.50
460.00
March SRW Wheat had a huge correction Friday.
support - 596.75
592.00
resistance - 606.50
614.00
617.50
March KC Wheat marked it's low Friday about 5.50 cents below support.
support - 622.75
619.00
resistance - 637.00
641.00
648.50
March Spring Wheat marked it's low 3.75 cents below the 701.00 support.
support - 701.50
697.00
resistance - 710.50
714.00
721.50
March S&P traded in between support and resistance Friday - within 2 points of support and 1.25 of resistance.
support - 4904-4902
4889
resistance - 4934
4975
There is something anomalous about the open contracts on the March Corn options board that I wanted to highlight. As one would expect, the 480 strike has 17,688 open contracts, and the 500 strike has the most at 21,153.
The 510, 520, and 550 are 12k, 11k, 8k contracts, respectively. Between 550 and 690, there are a few thousand contracts of open interest scattered at different strike prices. What is odd, is the 700 strike has an open interest of 16,354 - the 3rd most volume of open contracts at a particular strike. They are worth 0.5 ticks, or an eighth of a cent (almost nothing). A big trader bought 4000 contracts on Thursday. There was already several traders in on this strike before this 4000 lot buy.
What has me curious is the fact that this open interest represents at least several traders, not simply 1 or 2 with some big capital to roll the dice on. Are these traders big commercials buying insurance on physical business? - an odd way to buy insurance. These March corn calls expire on February 23rd. Something to keep an eye on.
Comments