Here are some of the charts that I have been following month over month.
Chart 4: Margin debt is continuing… just like the S&P
It is truly scary the levels that margin debt is at. It is impossible to predict just how much margin debt the system can withstand, but we do know that this will only make the downturn more severe and painful for those who stuck around too long.
Chart 9: Brent Crude Oil is acting very weak despite the commodity rally
Chart 11: Canadian Dollar is one of the more hated currencies right now!
Since I am a Canadian I had to re-post this chart. I have been surprised the Canadian dollar has struggled recently but I guess we all can’t be as good at the good old green back…
And finally. Chart 12: Hedge funds are once again cutting their net long bets on PMs
We still may have a little more downside in the metals as the author points out “Current Gold hedge fund positioning stands just over 100,000 net longs; while current Silver hedge fund positioning stands at just over 14,500 net longs. Respectively, that is 31.4% net longs as a percentage of open interest in Gold and 18.9% in Silver… not yet close to single digits associated with intermediate bottoms and buying opportunities.”
Click here for the full report. And please let us know what charts you consider the most significant in the report.