S&P 500, Banks Bullish Next Week, Not So Copper
The bullish bent of trader positioning continues for a fourth consecutive week in the Commitments of Traders reports.
I've got two trading signals taking effect on next week's open of trading based on the weekly COT data:
- bullish for the S&P 500 (after being bearish since Aug. 20)
- bullish for the benchmark BKX U.S. Bank Index, a basket of leading financials
See my latest signals table for more details.
There's some countervailing news, however, in the copper market. The "smart money" commercial hedgers, whom I trade alongside in my copper setup, have suddenly gotten a lot more pessimistic in their net futures and options positioning, pushing my signal to bearish on next week's open.
Good luck next week.
- bullish for the S&P 500 (after being bearish since Aug. 20)
- bullish for the benchmark BKX U.S. Bank Index, a basket of leading financials
See my latest signals table for more details.
There's some countervailing news, however, in the copper market. The "smart money" commercial hedgers, whom I trade alongside in my copper setup, have suddenly gotten a lot more pessimistic in their net futures and options positioning, pushing my signal to bearish on next week's open.
Good luck next week.