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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (4236)	7/11/2001 11:22:59 PM
From: John Pitera	Read Replies (1) \| Respond to of 33421

John, thanks for the Spoos CoT info....any thoughts on silver? Yardeni has a pretty cool futures area on his site........this is something I just posted to Tim Lamb I am getting more bullish on silver down at this 4.26 area. of course with a stop below the lows. yardeni.com Like Bonds and T-Notes above, this market and Gold also correlate significantly. As the rally several weeks ago progressed, the aggregate Commercial position rotated a bit to the short side, and was fluctuating between 24,000 and 28,000 contracts. This position has been trimmed back to between 16,000 and 16,500 contracts, as prices have corrected and are now retesting the aforementioned support levels. This market is providing the early signs of stabilization at major, long-term lows set back in the latter part of 1997-1998 but the latest data suggest that the backing and filling process could continue for some time. Nevertheless, as we have emphasized for a while, the lower level of this current trading range is doubly significant because the market remains within a 25-cent range that has successfully provided support in each of the last 5 years. Based on historical evidence, the convergence of all these factorssuggests that final lows for the current price trend may be in place. While early signs suggest that support is likely to hold, watch the daily reviews for confirmation of successful support at and around the Mega Trades price channel. (7/2/01) yardeni.com