Stocks, Silver, Gold - Topping I Think

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Sentimentrader.com just noted this today. There was a huge jump in the net short level of commercial hedgers, which are typically "smart money," on Nasdaq 100 futures this week. Looking at the chart you can see it hasn't paid to be long the market after similar past spikes.

This data fits right in with my posted outlook that the S&P 500 (or markets in general) is likely topping at the 1160 area. Also the sentiment is very bearish on the US dollar and it should be primed for a good move higher, which typically will coincide with a falling stock market in the current market environment.

On other notes, sentiment on silver is very excessively bullish, and other than long term holders, I would definitely exit silver stocks or ETF's, etc. Sentiment on gold is starting to get too bullish and should be due for a pullback soon. I may post a chart of this, but in case I don't, if you look at the price of gold divided by the euro (i.e. FXE etf) you can see that the price of gold is not at new highs relative to the Euro, even though it is against the US dollar. In the past this has been a tell that gold should move down and the US dollar up over the coming weeks. So that adds to the technical and sentiment evidence .