Traders Cooperative

[basserdan]

>>>Btw the $hui is poised to test 354 again on this run. The only overhead resistance is at about 330ish and with the other technicals on the $hui shaping up it should breeze thru that level. I am in waist deep in the miners, so I shouldn't drown but I can be quite wet. g<<<

Well, opie, if I may call you that.... I think there's a real decent chance you'll be nicely high and dry if I'm 'reading' this afternoon's gold AND silver futures CoT numbers correctly.

Fwiw, I did a considerable amount of buying gold and silver producer/explorer juniors in the last 20 minutes of the session after the CoT report was released at approx 3:30PM.

The report clearly showed huge reductions in the net short commercial positions in both Au and Ag futures and if (ah! the big 'IF') that trend, for want of a better word, continued through today, we should enjoy some decent strength next week to sell into.....

In a nutshell, the net short commercial position in silver dropped 11K to 35K on an OI of 118K and....

in gold, the net short commercial position dropped 34K to a pretty low total net short of 92K on a total OI of 330K.

I bot 16 different issues after glimpsing those numbers so I guess we are going to either stay dry or get wet together. <GG>

Never have I meant it more when I say "good luck!"

And do enjoy the weekend.

http://www.cftc.gov/dea/futures/deacmxsf.htm