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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: dara who wrote (303359)	4/21/2024 11:53:56 AM
From: dara	4 Recommendations Recommended By jaubin LoneClone onepath ralfph Read Replies (1) \| Respond to of 312311

COTS as of April 16, 2024 Another All Time High for Gold & Silver While The Major Indices (DOW, SPX, QQQ & TSX) Look Scary For the second week in a row, the commercials decreased their net short position in gold while increasing their net short position in silver. See here and here and here. Gold made another all time high closing the week out at $2,413.80. There is a disconnect between stocks and the metal as the HUI pulled back from its recent high. It is well above its 200 dma but is not overbought as the underlying metal is. Silver has also continued higher closing the week out at $28.84. It is in overbought territory and is well above its 200 dma. After breaking out over $26.00, $30 is now resistance for silver. Copper powered up for another week ending at $4.50. Copper is in overbought territory. Dr. Copper is indicating that there is strength in the economy. Platinum continued pulling back and is at the lower end of its trading range. It is approaching oversold and is near its 200 dma. Palladium continues consolidated above the $1,000.00 level and is just below its 200 dma. After making a strong move up to $87.50, WTIC pulled back to $82.22. Natgas continued to consolidate around the $1.75 level. WTIC is no longer overbought and is sitting just above its 200 dma. In contrast, natgas is well below its 200 dma as well as being oversold. With expectations that the Fed will be holding interest rates at this level longer than anticipated, the US$ has been strong and is at the highs for this move closing the week out at 105.63. It is entering overbought territory and is well above its 200 dma. The yield on the 10 year US treasury has been very strong as well closing the week at 4.68. The DOW, SPX, QQQ and TSX have pulled back from their all time highs and are approaching oversold. The TSX has even managed a small bounce. I have included the 5 year chart of the TSX. The question is it making a double top or is that the start of a cup and handle formation? Ed Steer comments: On gold: "Of course -- and from a COMEX futures market perspective...gold is still in a very bearish configuration" On silver: "This COT Report for silver from a COMEX futures market perspective is the most ugly bearish that I can remember in just about every category...with the exception of the Big 4 shorts to a certain degree" Disaggregated futures and options - combined report: cftc.gov Legacy Report: Futures Only Commodity Exchange Incorporated: cftc.gov