Weekend update

Here are the latest Blees COT ratings released on 9/11/09 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: 52
S&P E-mini: 61
Dow Industrials: 46
Nasdaq 100: 62
Nasdaq 100 Mini: 32
Gold: 0
Silver: 30
Crude Oil: 27
Copper: 26
Corn: 100
Soybeans: 76
Sugar: 31
Wheat: 99
Cattle: 73
Hogs: 100
U.S. Dollar: 89
Cocoa: 34
Natural Gas: 89

An important note is that the COT is not confirming this move up in gold.  While gold can still go higher than here, the big thrust many are calling for may not materialize. However if gold can advance, pull back and stay over $1,000 – and better COT readings can be had – it may set the stage for a bigger advance in the future.