Somebody had been acquiring July longs around 11350 for the past few days. One thought was that it might be the same party who bought the July 110 puts delta neutral with futures. Regardless, they probably scored big today with coffee.

No, I don’t fully trust the move yet, hoping for a test of 116.20 to see if it can hold first, or a move over 118.80. Yet, it will be hard to chase fresh longs as it seems they have deep pockets, so while the persistent call for tight supplies leaves me a long term bull I remain uncommitted in a big way holding only a small long volatility position.

This entry was posted on Wednesday, April 22nd, 2009 at 7:36 pm and is filed under Softs. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.