NY futures continues to collapse this week

NY futures continued to collapse this week, with December losing another 1451 points to close at 119.39 cents, while March surrendered 1256 points to close at 116.59 cents.

It is hard to believe that in a matter of just ten sessions the December contract has dropped nearly 48 cents, falling from an intra-day high of 157.23 cents on November 10 to a synthetic low of 109.25 cents on November 23. Interestingly, the market held right around the synthetic high of the March 2008 bull market, which was also at around 109 cents.