from Gold Silver Worlds:
The big, but very welcomed surprise was that the short position in the managed money category grew by a sharp 5,441 contracts to 37,724 contracts despite the price close above the 50-day moving average into the Tuesday cutoff. The most plausible explanation (assuming no reporting error) was that the short position was much larger before the rally into Tuesday. That the technical funds would hold such a large short position, the largest since last fall, while surprising, is unabashedly bullish because this is the rocket fuel of buying that comes when the moving averages are penetrated to the upside once again. And I can only conclude that more technical fund shorts were added on the late week sell off.
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