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Commitments of Traders Report notes
Sun Dec14 (NY) - by Anatoly Veltman, Chief Global Analyst - 1. SP struggled up from lower to upper 800's, and on uncharacteristic Commercial buying on the rise (Bullish C.O.T. divergence!) Indicative of speculator skepticism regarding the possibility that the bottom is in place - so I am more comfortable with Long entries. 2. Crude and Gasoline were near contract bottom; still both logged uncharacteristic increased into-the-lows Commercial Shorting (Bearish C.O.T. divergence!) Indicative of speculator bottom-picking - I am not comfortable with Long entries right now. NatGas, on the other hand, attracted new record Large Spec Shorting into-the-lows - so I may be more willing to take my chances with a Long there! 3. EUR/GBP cross approached record highs around 0.9000; while Commercials have been offering EUR rally and bidding GBP dip. This makes me more comfortable contemplating reversal strategies during the week full of interest rate speculations. Yen strength met Commercial Shorting, and I would not be comfortable pursuing the trend that has attracted wide Speculator sponsorship. Accordingly, GBP/JPY cross nearing record 130.00 low deserves consideration for potential reversal . . . (to read the remainder of this article, please log in below.)
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