Commercials Reduce Gold Shorts

USLV

Prices could dip a little further before bottoming. Perhaps sometime next week if gold makes one more low. In the meantime, prices would have to close above the short-term trendline ($8.18) to prescribe a bottom.

SPY

Stocks are poised to make new highs. I’ll be watching volume and breadth for clues as prices rally above 284.37.

WTIC 

I think oil will head higher with the stock market and at least test the 75.27 high in August. I’ll look to buy ERX on Monday.

ERX

Prices have been consolidating since May. A breakout in the stock market and higher oil prices should send ERX higher. I’ll look to buy on Monday and use a close below the lower trendline as my stop.

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