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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (54069)2/17/2006 11:15:10 AM
From: ild  Read Replies (1) of 110194
 
Date: Fri Feb 17 2006 10:39
trotsky (@the sentiment front) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
things have taken yet another decidedly bullish turn as Rydex traders have apparently withdrawn some $ 23 million from the Rydex pm fund yesterday ALONE - this amounts to about 12% of the fund's assets.
in other words, the fund's cash flow statistic shows that bullish sentiment is at the lowest ebb in 8 months - in the face of bullish price action, and gold trading over $550.
such displays of skepticism in what is after all one of the strongest market sectors are usually very bullish. it shows that vast amounts of money remain on the sidelines - money that will eventually be committed should the uptrend persist.
at the same time, Wall Street continues to hate the gold sector, and short sellers continue to love it.
only disc drive makers, autos and telcos garner fewer 'buy' rating percentages than the gold sector ( incidentally, the disc drive index has also been soaring ) .
meanwhile, aggregate short positions in liquid gold stocks have jumped by leaps and bounds in the last reporting period.
anecdotally, i've come across a funny message from a trader patting himself on the back for having yelled 'sell all' back in September of 2005.
puts continue to outnumber calls in the XAU options, albeit not to the degree that pertained two weeks ago.
all in all, we have a show of downright pessimistic sentiment in spite of the gold sector's technical strength. this combination of price strength and pessimistic sentiment is exactly what gold investors want to see.
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