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Ready to reverse 4-week-old forecast
Sat Nov8 (NY) - by Anatoly Veltman - Chief Global Analyst - On Oct11, following 30% October opening collapse and wide-spread panic, we adopted profound contrarian view: that directional volatility was in fact at its end, and that wide-range trading was to ensue and form fourth-wave consolidation. That forecast proved more precise than any other documented October forecast...We now venture to say that two-way volatility is about to give way to a resolution - and that it will not be a Bullish resolution! We see election exultation of 1000 basis SP500 rapidly giving way to another 20% panic. Commitment of Traders (C.O.T.) is shifting to mildly Bearish once again - as Commercials re-assume Shorts, while both Small and Large Specs lean toward Long exposure. Other C.O.T. tips include Bullish 5y+Euro%, Crude, somewhat Bullish Gold, somewhat Bearish Swiss+EUR. We'd be a seller of stocks into Monday rally . . . (to read the remainder of this article, please log in below.)
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