Bloomberg Access:{OIAR<GO>}

WTI crude oil:

December WTI crude oil gained 29 cents on record-setting volume of 1,861,909 contracts. Total open interest increased by 24,326 contracts, which relative to volume is approximately 45% below average. The December contract lost 37,847 contracts, which means there were sufficient open interest increases in the forward months to offset the decline in December and increase total open interest. In the overnight session of November 8 after the news that a Clinton loss was at hand, the market dipped to $43.07 and then proceeded to recover during the remainder of the evening session and through the day session to make a high of 45.95, which is the highest print since 45.90 made on November 3.

As this report is being compiled on November 10 the December contract is trading 62 cents ¬†lower on the day and has made a daily high of 45.64 and a low of 44.41. December WTI remains on short and intermediate term sell signal’s. Stand aside.

Gold:

December gold lost $1.00 on massive record-setting volume of 897,219 contracts. Total open interest declined by 4,042 contracts, which relative to volume is approximately 75% below average. As this report is being compiled on November 10, the December contract is trading 9.90 lower on the day and has made a daily low of 1258.00 which is the lowest print since 1262.00 made on October 28. The market has been extremely volatile of late and though we think prices are moving higher in the intermediate term, there may be some short-term weakness due to election results uncertainty.December gold remains on a short term buy signal, but an intermediate term sell signal. Stand aside.

Dollar index:

The December dollar index gained 66.9 points on heavy volume of 91,771 contracts. Total open interest declined by a sizable 1,800 contracts, which relative to volume is approximately 20% below average, but the total open interest decline on the price advance is negative and confirms the downtrend in the dollar index. On November 3, OIA announced that the December and March dollar indices generated short term sell signals, but remain on intermediate term buy signals. We recommend a stand aside posture.

10 year Treasury Note:

The December 10 year note lost 1-15 on very heavy volume of 4,262,728 contracts. Total open interest increased by 46,578 contracts, which relative to volume is approximately 50% below average, but a total open interest increase on yesterday strong decline is bearish and confirms the strong downtrend in the 10 year note. As this report is being compiled on November 10, the December contract has made a new low for the move of 127-140, which takes it to lows last seen in January 2016. We recommend a stand aside posture.

S&P 500 E-mini: The December S&P 500 E-mini will generate a short term buy signal on November 10 provided the daily low remains above OIA’s key pivot point for November 10 of 2136.60.

The December S&P 500 E-mini gained 24.75 points on massive, possibly record-setting volume of 5,300,860 contracts. Though volume was impressive, the open interest increase was substantially below average having gained 41,111 contracts, which relative to volume is approximately 55% below average. As this report is being compiled on November 10, the December contract is trading unchanged on the day after making a new high for the move of 2180.50, which is the highest print since 2189.25 ¬†made on September 8 and takes out yesterday’s high of 2166.75. No recommendation.