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Monday July 3, 2006
Morning Notes
Although the decline in the commercial net short position was not that large last week (-8,175) that it outpaced the decline in open interest it notable. To be sure, before last weeks Fed meeting the commercial net short position based as a percentage of open interest was 29.6% - the lowest this mark has been since July 19, 2005. After a supposedly dovish Fed statement sent gold prices higher last week it will be interesting to see when, and if, the commercials try to draw the line.
Although you wouldn’t know it by looking at any of the utility indices, last Friday was a wild day for many utility stocks. The figures below wouldn’t look out of place if they indicated an annual return on a utility company, but in a single day?
Ahh, the ridiculous capital movements by fund managers at quarters end… |
