First, let me apologies for my absence for the last few days. I was hoping that I will get some respite after 8th August but now it seems my pressure situation will continue till mid-Sept. But that’s life, so no point cribbing.
Coming back to market, I would like to start with some interesting COT data. We would do well to remember that COT report does not result in immediate action. It just shows what smart money is doing well in advance behind the scene while the retail is distracted. The 1st chart is the S&P Emini contracts.