For the second day in a row the futures market openeddramatically higher en route to posting a $2.08 daily high in thefirst hour of trading. And similar to Wednesday’s topsy-turvysession, no new buying was seen to help lift the May contract overresistance in the $2.07-09 area, which paved the way forprofit-taking activity yesterday afternoon. However in contrast tothe day prior, Thursday’s trading saw a late rally, which buoyedthe market into settlement and put a positive spin on the day’sevents. The May contract finished up 4.5 cents to $2.069.

“All eyes were on the $2.09 level from start to finish today,” aHouston risk manager said, adding the buzz in the pit was that ifthe May contract had seen a $2.09 bid, the market would have takenthe opportunity to bounce immediately to $2.12.

Despite their failure in day trading, bulls were at it againyesterday afternoon in the Access trading session, which saw pricesrally through the pivotal $2.09 level. Although that couldforeshadow the direction the market will take today, another traderwarns that a move through resistance in after-hours computertrading is not the same as if occurred in the outcry session. “Wewill need early confirmation from the over-the-counter market orfrom a stronger open to determine if the move will hold,” he said.At 6:30 p.m. (EST), the May contract was 3.3 cents higher at$2.102. Even if the market is not able to build on Access gains,the trader feels the market will move higher next week, calmlysumming up his reason with a word-funds. “They have completelyreversed their short positions of last month and are responsiblefor the rally from $1.90 to $2.04 last week. Now they are long andwill be getting even longer in the future.” The Commodity FuturesTrading Commission will release its bi-weekly Commitment of Tradersreport Friday afternoon and reveal if, in fact, the non-commercialsegment has switched over to the long side of the market. In thelast report issued March 26, non-commercials were still net-shortmore than 12,000 contracts.

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