Weekly Fundamentals
Last week we wrote that as it was the first week of the month and therefore the first Friday we had the US employment data to look forward to. As it happens the figure had little effect as the markets took direction all week from China where risk was sold convincingly. This affected global risk which had a bad week.
COT data shows that large commercials increased their net short position slightly in the US$ Index from 41,185 to 48,881. We therefore remain SLIGHTLY BEARISH.
COT data for the Euro shows that large commercials decreased their net long position from 182,071 to 179,372. We remain BULLISH.
Large commercials increased their net long position from 49,672 to 54,401. We therefore remain BULLISH. YEN: Only one item for the YEN this week.
COT data shows that large commercials dramatically decreased their net long position from 34,780 to 4,543. We therefore alter our view from NEUTRAL to BEARISH.
GOLD: Large commercials very slightly increased their net short position from 15,335 to 19,275. This continues to be very close to being the smallest net short position since the only time this century they were net long on 11/12/01, which was nearly 14 years ago. We therefore remain SUPER BULLISH.
SILVER: Last week saw large commercials slightly decrease their net short position from 31,162 to 28,799. We therefore remain NEUTRAL.
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