Gold’s CoT data predictably improved again this week, but here I think some discussion is needed just in case it starts to get hyped too much.
Below is the CoT on an improving trend of Commercial short covering and large Speculator long reduction. Okay, that’s good. But here is the part where the hype needs to be tuned out. The CoT tends to degrade (i.e. trend in a bearish direction during gold rallies) and improve (i.e. trend in a positive direction during gold corrections). The charts of CoT and gold below are set over the same 1 year time frames…
This is only the second best Fed Hawk photo I’ve ever seen.
So I found myself waking up last night and habitually reached for my iPad to catch up on emails and check my systems. Of course I wound up peeking at my blog as well and then for some reason decided to head over here to the Slope to see what you bears were up to these days. I have to concede that I don’t visit here often as I truly have my hands full with running my own blog, maintaining various automated systems, coding and bug fixing, attending customer support duties – and then there of course are my own trading activities. Not a weekend goes by where I do not spend a minimum of five hours working on various projects behind the scenes or am preparing for the week to come.
That doesn’t leave much time for virtual socializing as I barely manage to catch up with the comment stream over here at the lair. But I always had a soft spot for you Slopers as I used to be one way back in the early days. And for some reason that sentiment appears to be mutual as much to my surprise Tim actually mentioned me in the very post I was reading. And yes in case you wonder, it was a positive plug – deservedly so or not.
Not quite sure what grease has to do with Greece, but all instruments seem to be on edge today (and it’s Opex). May the good guys win.
Two very interesting zones have emerged as reference points on grease:
Don’t forget the Rig Count scam at 1300 ET.
Originally posted @TradeFlightPlan
A new scam emerges: A news scam emerges:
Bloomberg: The Hot New Statistic Oil Traders Are Watching Is 71 Years Old
Those trading light, sweet, and sometimes crude oil last Friday may recall this little order flow anomaly right at Noon Chicago time – a very nice little jagged ‘M’ formation: