It’s the Monday before the presidential election today and it’s chilly and windy here in the Northeast. If you haven’t voted yet, go grab a cup of your favorite coffee and head to the polls if/when you can. Make sure to take the extra large size as most are expecting long lines at polling places. The right to vote is one of the things that makes the United States special.
After starting the week in sideways fashion, the market finally broke downside support again, though it didn’t go far as again trade based buying was there to soften the blow. There was good size traded on both sides by fund players. Longs sold 4632 lots, while short funds sold 3286 lots for a total sold of 7918 lots on the week, one of the biggest in recent weeks. About 5000 lots of those were taken up by trade. Chart is still looking negative to us, support now at 10000 to 9800 while overhead resistance rests 11000 and the 11300.
Rains have been better in Brazil but still more is needed. We’re not going to able to keep saying this for much longer the trend has to change to seasonality shortly or the damage will be done. That might be the most important thing holding the market here at this time.
We’d love to help if we can. Please have a look at the offer list that accompanies this report and see if there is anything on there, we can send you a sample of. If you don’t see what you need there, please ask a trader if they can help you source the coffee you need.
All the best,
The Armenia Team