OK, what do we know at this point?
1) The open interest numbers basis Friday have finally been released to the public. Yes, a/o Friday there are still 50,848 open March contracts! This is why the EE have so aggressively raided last night and today.
2) The raids have been sharp and predictable and Blythe has since decided to protect 33.25 and 33.50. Gee, where have I heard those levels before...
3) Ahh....but look...someone or something has decided that the area around $32.70 is a pretty nice price. Blythe has hit that level three times and each time we've rebounded. There was even the pre-dawn raid to 32.40 that was repelled and pushed back above that level.
So, again, the question is what to do next. Watch 32.70 very, very closely. If you believe in WB and the BoS, that would appear to be your entry point.
I'll be here, watching and waiting. There are 60 minutes to go. Its going to be very interesting to see how this all plays out. TF
1:15 EST UPDATE:
I've been asked to provide some perspective on copper. Here you go.