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Absolutely!! Trading is trading and if one trades, one will be wrong. It
doesn't matter WHO one is. If the commercials are huge shorts right now,
and they decide they're wrong and have to cover, I wouldn't want to be in
front of the scramble! Based on what I considered resistance (119^00 to
119^16), yes, we are above it.
I'm watching the utilities for clues. When they broke out above 248 it got
my attention. I'd have to be positive on the interest rate sector as long
as the utilities stay above 256.
Regards,
Tom Alexander
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> From: Terence Connelly <connelly@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: FUT: USZ cot report
> Date: Thursday, December 11, 1997 10:15 PM
>
> Did anyone see last week's Commitments of Traders report for the bond
> contract. Most commercials are very short. Tech Data said,
> "commercial traders are the most bearish they've been since June 25, and
> hold a total fo 77.7% of all shorts. While the contract already
> suffered following Friday's payroll data,the commercial short position
> translates into an astounding 93,644 contracts. This means non-comm and
> small traders (THATS MOST OF US, I THINK) are caught long. We expect
> the market to remain under pressure in the coming days."
>
> Today's retail sales and flight to q blew that away. Are we above key
> resistance and headed into some of the lowest rates in history? Goldman
> Sachs had forecast major resistance at 119-20. Could the commercials be
> wrong?
>
> Thoughts? Effects on other mkts?
>
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