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Tuesday, November 17th, 2009
A Bull on Eggshells
I have been a bull for sometime and have been very happy being so. When Twitter erupts with bears, like Dasan, I find I want to be buying stocks, not selling short. The world of Twitter was fairly quiet yesterday, but I noticed somethings that made me worried that we could be topping out here in equities (not on Twitter). I will not provide exactly what these are on my blog because no free lunches here. Sometimes you have to do your own work. Here is what I am looking at this morning:
COT Review
Gold
Open interest increased by 36,476 contracts. Producers/consumers increased long positions by 2,653, shorts by 18,049. Swap dealers increased long positions by 2,248, shorts by 6,875. Managed money increased long positions by 17,498, and decreased shorts by 1,059. Other reportable traders increased long positions by 4,041, shorts by 1,462. Non reportable traders decreased long and short positions by 6,617 and 5,503 respectively.
COT Review
Gold- Open interest increased by 59,872 contracts, reversing the reduction from the week prior. Producers/Consumers decreased long positions by 2,288 and increased shorts by 5,622. Swap dealers decreased longs slightly, by 99 contracts while increasing shorts substantially, by 8,266. Managed money moved heavily long, increasing positions by 21,106 also increasing shorts by 2,236. Other reportable traders increased longs by 2,579, shorts by 4,455. Non-reportable traders increased long and short positions by 17,021 and 17,741 respectively.
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