I know many are trading with the commercials. That strategy is mainly only good
on the turns.
The specs push commodities higher or lower.
This sponsorship is trend following normally daily/weekly.
sponsorship looks BULLISH to me now on the metals.
Silver the specs, commodity funds, CTA's, hedge funds and the like.
are net long about 53,000 contracts.
not long ago in April 2017 the specs were long 100,000 contracts.
the commercials are now net SHORT about 66,000 contracts
not long ago in April of 2017 the "smart Money" was short 110,000 contracts.
I am looking for another 2 to 3 weeks of saw-tooth positive action in silver to get
to extremes in the positioning.
Longs stay long.
New positions long look good to me
I still see $18.00 and $18.50 possibly next week or within 2 weeks