Who's the Smart Money Here?
The #coffeemarket has been consolidating for the last two weeks after its rapid rise up since the beginning of April. The question now is where to from here? And I think the price action for the last few days has been telling.
My suspicion is that #coffeeRoasters are using this opportunity to add to their longs now that we have come off of the highs. My logic is what I would describe as "contrary" morning price action.
For the last few days we have been seeing buying in the early morning hours brining the price up a little bit, and then sell-offs in the main part of the session. This combined with increased #OpenInterest on the down days, suggests to me that #Commercials adding longs and then #Specs are selling during the session.