Open interest at a 3-month high
More futures contracts open than on any day in three months.
Record open interest means record disagreement. Every contract is a long and a short who both think they are right, and a three-month high in contracts outstanding marks the stocks where that argument is largest. On its own it says nothing about direction, so read the price trend alongside it. The resolution of a crowded position book is rarely quiet.
More derivatives:Long buildupShort buildupShort covering rallyLong unwindingFutures at a premium
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