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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Real Man who wrote (111524)7/10/2001 10:37:57 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
they are also long the Swissy, a currency with a long-standing positive correlation with gold. regarding the comms and gold, i would like to point out that they have historically shorted EVERY rally, regardless of whether it was the real thing or not! iow, their positioning is only important at the MAJOR turning points...you want them in a big net long position right AT the lows, and we've had a RECORD net long position at the '99 low, which says to me it was THE low. another NEAR record net long at the lows THIS year further confirms it. but they will NEVER drive a rally...only the speculators can do that. in '93 the specs squeezed the commercials out of an over 100,000 contract net short position...but at the '96 high, the comms re-established that huge net short, identifying another turning point.
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