"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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A COT question Dan.
ReplyDeleteTed Butler, Harvey Organ, TF metals, all discuss the COT in this manner...
Conclusion: Hugely bullish for silver for again 2 reasons:
1. the commercials went net long by 8851 contracts
2. the specs went net short by a huge margin.
That was from HO taday. You always discuss Hedge Fund activity, and never seem to mention commercial shorts. Is that because they believe the market is manipulated by the commercials and you don't?
Mark - speculative money flows drive markets. If they are leaving a market or selling it, the market will go down. It does not matter what the commercials are doing so long as the specs are selling. The market reverses when the SPECS STOP SELLING and BEGIN BUYING... nothing else matters.
DeleteThe COT is an UTTERLY USELESS trading tool. it's only purpose is showing us POTENTIAL for trend changes and current sentiment. Potential and reality are two different things.
The problem with too many of these people is that they are NOT TRADERS who trade for a living. They make their living doing something else. As a trader, I do not have the luxury of being consistently wrong and surviving in my occupation. I try to buy when I believe a market is bottoming and beginning to move higher and sell when I believe it is topping and beginning to move lower.
If I can do this consistently I will make money. Long ago I learned not to be reckless and make wild predictions when MY OWN MONEY is ON THE LINE.
Who cares if I do not catch an exact bottom or an exact top. You do not need to do that, nor is it advisable to try, in order to be successful as a trader. The only reason these guys keep up with this nonstop prediction crap is to buoy their own egos.