Sunday, 8 September 2013

S&P 500 Moves to Bullish, But Uncertainty Dominates

Uncertainty prevails for a second week among traders, according to the latest weekly Commitments of Traders data from the U.S. Commodity Futures Trading Commission.

My signals for the BKX U.S. Bank Index and copper go to cash for the coming week's open of trading.

That means seven signals will be in cash, one will be bullish (S&P 500, which goes bullish this coming week, as announced in my last post), and two will be bearish.

But there might be good news in Friday's S&P 500 data.

The "smart money" commercial hedgers haven't been this relatively bullish as a percentage of total open interest since June 2012.

That was around when the huge push started that ultimately sent the index finally above its 2000-2007 double-top.

See more details on my latest signals table. Good luck this week.

No comments: