Weekly update

Here are the latest Blees COT ratings released on 8/29/09 for some key markets. Remember “100? is the most extreme bullish position on the part of commercial traders (aka the “smart money”) for the last eighteen months. “0? is the most extreme bearish position:

S&P 500 Index: 58
S&P E-mini: 55
Dow Industrials: 50
Nasdaq 100: 39
Nasdaq 100 Mini: 21
Gold: 22
Silver: 59
Crude Oil: 37
Copper: 27
Corn: 98
Soybeans: 59
Sugar: 26
Wheat: 96
Cattle: 51
Hogs: 88
U.S. Dollar: 88
Cocoa: 48
Natural Gas: 92

A note that Elliotwave International has put out multiple alerts that say the conditions of the current bear market rally have been met. This is not to say we might see some upward thrusts, but the elements are in place for Wave (3) – the nasty one to be at hand at any time.

However there are still a lot of bullish factors that may yet push the markets higher in the short term. Basically as posted before – we are keeping an eye on key levels for the metals and the markets and will enter positions once we feel there is a significant reversal.