And looking at the COT Traders in Financial Futures, we see a bullish posture with a bear move last week. Dealers had a slight drop of net shorts now -509,562 contracts. Lev Funds also had a drop to net shorts now -385,652. And Asset Managers had a very slight drop to net longs now 898,865. We will want to see if this continues over the next few weeks, and if so a large correction could be underway.
If you need help understanding how to understand how to use the NEW COT report to your benefit get instant access to my new e-book "What Lies Beneath ALL Trends". It is filled with eye opening information.Commercial Net Tracker instructions: This form tracks the Commitment of Traders (COT) data for the commodity futures market. This form "looks" at the most recent five weeks of COT data and provides visual indications of the data. A) If the current value is at a 12-month low, the cell will display a red/burgundy background. B) If the current value is at a 12-month high, the cell will display a green background. C) If the current value went from net negative to net positive, the cell will display a blue background (indicating a bullish condition). D) If the current value is both a 12-month high and also went from a net negative to a net positive, the background will be green. You should view the data with green backgrounds to determine if they also went from net negative to net positive.
Proceed to Page 3 for this week's detailed fundementals...