The dominant construction on the Cotton Chart continues to be the completed 24-month double bottom on the weekly Cotton Chart. The targets of this bottom are 79.10 (the measured move) and 95.10 (May 2014 high). The Dec contract was launched by a 5- week pennant. Factor is long, having taken partial profits.
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It is not my intent to make it rain on the Silver bull market parade -- nor should this email be taken as a prediction -- but all-time record levels of speculative long (or short) positions and commercial short (or long) positions MUST be taken seriously.
Keep in mind that record CFTC COT levels, in and of themselves, do not demand a reversal of trend. In fact, some of the biggest moves in history have come from capitulation by commercial traders.
Nevertheless, consider several other recent examples of record (or near record) speculative long (or short) positions and commercial short (or long) positions.
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Bottom-line winners and junk-pile trades, part 1: How they all contribute to Factor’s trading operations and performance.
Part 2 of this series will focus on Bottom Liners.
Part 3 of this series will focus on the Junk Pile of lesser profits and losers
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This content is for members only
This content is for members only
Crude Oil is descending out of a triangle pattern. The daily graphs show clear signs of topping in the energy markets. The daily graph of Sep RB Gas has completed an 11-week H&S top pattern with a target of 1.3237.
