Since morale is not improving, it appears that the beatings will continue, especially during Comex hours where price is already about $20 off the overnight highs.
Again and as usual, not that this is surprising. We should expect more weakness in the days ahead as positions are rolled and spreads are legged out ahead of Friday's Dec24 contract "expirations". Outside of the ridiculous disaster of yesterday, this is just pretty much how it usually goes. Look at the incredible drop of OI yesterday. Total Dec24 OI fell by 56,000 contracts while only 32,000 rolled to Feb25!! This is...
