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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Terry Whitman who wrote (3227)	2/9/2001 3:51:38 PM
From: John Pitera	Read Replies (1) of 33421

Gold Bullish % came in at 14% the smallest reading since right before the Sept 1999 big gold rally. the reading. Jay Shartiss has this comment today: The "vane" or bullish percentage for gold came in at only 14% bulls this morning. I think the only lower reading seen, in Sept. 1999 before the big rally, was 13% bulls. Buy some gold stocks, don't ask anyone just do it. You don't need anyone making fun of you. ---Friday's CFTC report showed a still large non-commercial net short position of over 50,000 contracts as of January 30 for COMEX gold. For the week, this net short position dropped by almost 4,000 lots. This is still the largest speculative net short position for COMEX gold since September 1999, prior to gold's sharp recovery from 20-year price lows. Short covering price rallies are expected to be constrained by weak investor demand and ample supply from the official sector. Sentiment is turning more negative along with the supply and demand outlooks suggesting a move down to the 20-year lows set in August 1999 at $252.50. -------

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