HSI update

We are seeing some strange data coming up from the Hang Seng Index futures' open interest.

Aug OI starts at 91k, it went all the way up to 106k, addition of 15k, but index getting nowhere and is stuck at 20000-20200 for many days, a reversal is likely ie heading south. 18800 is the short term support.

To hedge upside too, one can buy 210 call aside from 190 put, probably a win situation if index moves 600 points one way from here [20100 now] which is very likely.

	Spot Mth	Next Mth		Open Int
2012 07 24	18,850	18,802	74,766	108,090
2012 07 25	18,850	18,800	118,224	110,442
2012 07 26	18,825	18,771	157,064	120,942
2012 07 27	19,245	19,194	154,150	110,208
2012 07 30	19,547	19,498	84,125	105,700
2012 07 31	19,714	19,623	73,993	91,480
2012 08 01	19,792	19,705	74,445	94,696
2012 08 02	19,630	19,543	63,095	97,677
2012 08 03	19,655	19,564	70,140	97,443
2012 08 06	19,959	19,870	61,205	99,419
2012 08 07	20,013	19,928	54,574	99,803
2012 08 08	20,050	19,961	52,571	100,824
2012 08 09	20,192	20,104	61,907	101,731
2012 08 10	20,164	20,075	58,684	102,840
2012 08 13	20,035	19,950	49,010	104,183
2012 08 14	20,251	20,160	69,601	106,993
2012 08 15	20,077	19,990	60,520	104,900