The so called 'smart money' Commercials are also very long the Euro and hugely short the Dollar index.
http://snalaska.com/...t/charts/EC.png
-tria
having been a broker in the domestic crude oil market, i can say unequivocally its difficult to know their position. they may be trading for a client? they may be offsetting physical(referring to gold here)
this is gs from barrons:Here's their current view, as quoted by Barron's: 'the GS' strategists' bearishness has a limit. In a note to clients this week, the strategists write that they expect the $1,200 level, or roughly 7% beneath Thursday's prices, to function as "a good estimate of the floor price for gold." A price of $1,200, they write, is the 90th percentile of all-in sustaining costs in the gold-mining sector. Putting it more plainly, it's the price below which more producers have to think about scaling back their gold output. Go appreciably below this level and the pressure builds. The result in that case should be lower output. It's for this reason that the GS strategists argue that drops below $1,200 should be "generally short-lived," albeit possible during "times of extreme declines in demand." ' -Barron's Magazine, July 24, 2014.
it looks like the chinese stock market has come out the top of a pennant formation. when their market went into the doldrums so did all commodities.
we are entering the diwali and wedding season buying in india.
i am long and will buy dips this week should the opportunity present itself
dharma