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DXY Commitment Of Traders

Posted by StockBuz on May 6, 2011 at 10:11pm
COT reports for last week revealed commercials [shorts] being at their lowest levels in months; these #s being as of Tuesdays close as COT is not released until Friday after the market closes. Some would say that this was due to the market hearing news of the death of Osama Bin Laden however I personally do not believe this to be the case since word of Bin Ladens demise did not come until late Tuesday. Taking note of a daily chart in UUP http://twitpic.com/4udjlz I noted extremely heavy volume the prior Thursday/Friday; prompting me to wonder if shorts were covering and a dollar rally was on the horizon. While Thurs/Fridays action may have just been a short covering rally, I remember once I read that some traders will draw 3 trendlines and buy a breakout above the 3rd trendline. Have to wonder if this will be the case in UUP. Cannot explain the *why* behind it, it coudl be any # of things. Profit taking b4 QE2 runs out, a place where traders selling out of commodities *need* to put their funds, hell maybe even good old USA pride. Bottmline is we will find out later down the road but it's still something that I will be watching next week with great curiosity.

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Tags: cot, commitment-of-traders, dollar-index, dxy
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