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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (86675)9/20/2007 4:31:47 PM
From: orkrious   of 110194
 
the stock market -- trotsky, 15:07:44 09/20/07 Thu
has just noticed that the yen is rallying again. big specs are now positioned net long yen - a complete reversal of their positioning earlier this year. so this yen rally could get legs, and stock markets around the world won't like it if that happens.

trotsky [ PM ]
September 20, 2007 10:17AM
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Registered: 7 months ago
Posts: 235
the current phase of the gold bull market, in spite of its 'recognition wave' characteristics, continues to be widely doubted and disbelieved.

the XAU p/c OI ratio at its current 1.71 is higher than 93% of all readings over the past year. the GDX p/c OI ratio meanwhile has risen to 1.10, higher than 44% of all readings of the past year, and more than twice its pre-August sell-off lows.
in the Rydex pm fund, the cumulative cash flow ratio has plummeted back to its 4.5 year lows at 114 points - Rydex traders have sat the entire move out and have kept selling into it.

meanwhile, the speculator net long position in COMEX gold futures has grown very large, with 40K contracts added net last week alone (futures and options combined). this position gives some reason for concern, but obviously the big speculators have been 100% right so far about this move.

meanwhile the HUI is already reaching the next critical point, the old high at 400. this will likely offer some resistance, but the more important resistance at 370 has apparently been taken out for good now.
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