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To: mishedlo who wrote (85018)	3/26/2001 11:17:49 PM
From: John Madarasz	Respond to of 436258

sorry for the delay... my unit locked up for the third time in the COT site...I refuse to go back until next week<gg> I think the interim unwinding of snp short positions in the comm COT positionis something to continue to monitor. The %COT #s are an entirely separate indicator that have yet to roll over, again they are at new record 5 year highs. I expect it will be many months/years before the final lows are seen. I don't see a quick recovery for this market or economy, so there should be quite a bit of flucuation in the COT #s. Right now I still see them as very bearish. I'm with you on your guess. Regards, JM ps. I wonder if the long increase in the commercial COT's in copper bodes well for the xau?