Lol! Yeah, I guess today's action deserved a few cheers hey
Once again, on the heels of an inventory report that was perceived to be 'bearish', we have witnessed another steady Friday with an advance that grew stronger as the afternoon progressed. Again, the only reason the report was taken negatively was because the inventory build slightly exceeded the pre-report consensus projections (80 versus 77). Fact is, that is a very 'bullish' number for this stage of the season, being below the five year average. Rig counts are way down versus last year as well as we head into summer and a potentially active hurricane season. The stealth bull continues amidst abysmal sentiment, 'scary' looming seasonal patterns, but steadily improving fundamentals.
Was very active on many fronts today, particularly on Silver...short positions approaching full, but with room to press further when the wheels really start coming off this thing.
Anyway Ronbo, hope you had as great a week as me. Here's to an even better week to come! Cheers!