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Strategies & Market Trends : The Ego Forum

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To: hubris33 who wrote (9669)	3/17/2011 10:23:26 PM
From: hubris33	Read Replies (1) of 12175

More hooey and COT voodoo for those who like to watch a geek crash & burn. Wednesday COT shed 6141 of OI as POG rose modestly from 1400.50 to 1402. However, that was nearly double the last two days of OI drop. Leading the charge was of course Apr OI dropping 10,985 to 232,371: four of the last five days have seen 5-figure drops in Apr OI. While Apr OI has been dropping, June OI [the next "front month"] has been rising. Wednesday saw a rise of just 4267 in OI - not even half of the Apr OI drop. So yes, there is some rolling over of contracts, but over all (so far) it hasn't been enough to halt the decline in over all OI. As demonstrated on the charts linked to this post, the next 5-7 trading days will see the bulk of that Apr OI closed and the Jun OI ramp up. We will shed ~200K April OI and add about the same to Jun, in that time period. I suspect that once Jun OI rises above 300K to 325K [and/or over all OI above the 515K to 520K level] we will be in a position for buying to resume and have the potential for a 6-8 week rally. IMHO key will be how POG behaves once (if?) Jun OI exceeds 350K. Then again, CL might shoot up on the commencement of bombing in Libya and POG react to the massive QE in Japan and break out above the 1415 to 1420 resistance level. This it will be case for, as Rosannerosanandana use to say - Never Mind! H3

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