Also, from last week's data, natural gas goes bullish on Monday's open, too. Gas, which has seen a bloodbath in recent weeks, could be further buoyed by the fact that the small trader and large spec net positions as a percentage of the total open interest - which both correlate strongly with natural gas prices the next week - have both jumped up nicely, as you'll note on my latest signals table.
In other news, the wrong-way S&P 500 small traders have again gotten more bearish in their futures and options positioning - fading the rally as they've done since early January. Doh! Meanwhile, the "smart money" commercial hedgers are a mite less bullish in their positioning, but still light-years from getting bearish enough to flip my trading setup to bearish. It remains bullish.
Of special interest is the three-month Eurodollar data, which gives me signals for the BKX U.S. Bank Index. The large spec total open interest correlates nicely with BKX, but it has just fallen off a cliff, as you'll see on my table. A very dramatic reversal. Oh-oh.
Hope you did well last week and continue to do so this coming week. Check in early this week for an update of my portfolio page.
1 comment:
3/26/10
Commercials just turned bearish, while large specs capitulated.
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