The Latest COT Data (as of 5-30-06) Is Short Term Bullish

The latest COT data (as of 5-30-06) is short term bullish since the gold Commercial Traders traded net long and the gold Speculators traded net short, which portends strength, but, the long liquidation by the gold Commercial Traders and the short covering by the gold Speculators points to some weakness. The gold Commercial Traders sold 6497 long futures and options contracts and covered 9482 short futures and options contracts which portends strength this week (non contrarian indicator), but the long liquidation points to some weakness. The gold Speculators (hedge funds and other speculators/traders) sold 6930 long futures and options contracts and covered 3565 short futures and options contracts which portends strength this week (contrarian indicator). The most important consideration in timing any market is the cycle channels/trendlines (see charts below). ....... http://www.JoeFRocks.com/