-->und nennt sie jetzt TW-COT (Terrified Weak Commitment of Traders)
TECHNICAL REVIEW
Desperation on the Short Side
March 7, 2003
There is no question that after gold reached $359 this morning, a natural place for a temporary reaction that I pointed out to you, the drive down to $348 was at the hand of our dear friends, the gold cartel - and it was quite telling.
That was not a sign of gold's weakness but rather to professional trader's confirmation of shear fear on the part of the major commercial short sellers. COT (Commitment of Traders), since it is heavy on the bear side among the commercials, a.k.a. the gold cartel of common interest, should be renamed TW-COT (Terrified Weak Commitment of Traders).
Two Down- Ninety nine to go!
The reason given for the drive down was the capture of two of the sons of Bin Laden in Afghanistan. Wow, if anything meant nothing that has to be it. Has anybody out there ever heard of how many sons he has? It is in that tradition an honor to die and the sacrifice of all of one's sons is considered laudable. No, that was an opportunity for the shorts to attempt to destroy the reverse head and shoulders formation.
I am beginning to believe that more than the faithful read my thoughts faithfully.
Conclusion:
The reverse head and shoulders will rebuild and complete and bury TW-COT. By the way it was me you ran into at the low today. Now you have gotten my competitive spirits up. In the last go around I bought 22,000 long from you. This time it may have to be orders of magnitude greater than that.
But hear me, JPM, ML, SB & GS, I am going to bury you at your own game. You cannot scare me because I am better at this than you are. Money means nothing whatsoever to me. It is the game that counts, so now the opposition to your fraudulent derivatives has taken on a new life - mine. Get ready to see $400 at your back.
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