Tuesday, November 10, 2009

COT Extremes

The Pragmatic Capitalist surveys all those big speculative net long positions in the Commitment of Traders reports:

SOMETHING BIG IS ABOUT TO HAPPEN?

here is the summary of just some commodities:

The largest speculative long positions are in the commodity space (this is near-term bearish) … 271,564 gold contracts (a record) on the Commodity Exchange (COMEX); 44,312 net longs on silver (near-record but not quite), West Texas Intermediate oil contracts on the New York Mercantile Exchange (also a record); 10,871 net long copper contracts (a new cycle high); 5,538 net speculative long contracts on the Goldman Sachs Commodity Index.