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Strategies & Market Trends : The Ego Forum -- Ignore unavailable to you. Want to Upgrade?

To: hubris33 who wrote (11996)	4/5/2013 11:03:59 AM
From: hubris33	1 Recommendation Respond to of 12175

COT pulled back, last 2 days.... ............. .............. OI has fallen 5600+ since the BIG add day of +10K on 2-Apr. Perhaps that means that half of the shorts who piled on to the Momo drop of ~$25 on Tuesday have decided to take the additional $22+ drop as a ST profit? Volume has been high (50% or OI) so it looks like there is still plenty intraday trading. Most of the drop in OI comes from -4472 drop in Jun OI. We also saw Apr OI dropping -1426 to reach an insignificant level of 1710 of OI. I note that Oct OI is now nearly as large as Aug OI: 35.4k vs 40.9K respectively. Oct OI saw an add of 1300 of OI yesterday. Largest Add and third largest magnitude of size action either + or - on the day. Volume in open outcry (831) and PNT (256) suggests that part, if not the whole OI add came from The Globex Market. This bifurcated size on future front months is interesting. Looks like equal bets have been made on the timing of any possible turn around in POG - with about half speculating it comes BEFORE the end of Jul and the other half guessing before the end of Sep. Just remember, OI is still contracting (downtrend) and as such does not appear to support more than intraday/intraweek moves up. There isn't the kind of "support" we might look for in an uptrend or positive move.