Here are the latest Blees COT ratings released on 4/24/09 for some key markets. Remember “100″ is the most extreme bullish position on the part of commercial traders (aka the “smart money”) for the last eighteen months. “0″ is the most extreme bearish position:

S&P 500 Index: 12
S&P E-mini: 64
Dow Industrials: 34
Nasdaq 100: 19
Nasdaq 100 Mini: 21
Gold: 56
Silver: 94
Crude Oil: 70
Copper: 69
Corn: 86
Soybeans: 40
Sugar: 72
Wheat: 97
Cattle: 58
Hogs: 66
U.S. Dollar: 41
Cocoa: 69
Natural Gas: 56

Our energy update is as follows. The actual commodities are still in a sell state. Lets take a look at DBE (Oil, Heating Oil, Natural Gas, Gasoline)

And USO (proxy for WTI Crude)

Look remarkably the same don't they? Both these energy indexes are working off a very strong collapse from last year, with action well beneath the clouds with a very thick base approaching. What we do see is consolidation, and while we do not have any key reversal patterns in place yet we do anticipate something to occur soon, and quickly approach the clouds. A speculative play idea would be to place a small position in DXO (leveraged oil).

PXE which is our energy shares ETF has had a bounce since out signal was given at the end of march. However we are showing a non-confirmed SELL alert and will be watching closely.

The energy picture from a fundemental standpoint still looks strong in the future. So much production has been shattered due to the low oil prices that any global sustained uptick in demand will really put a crunch on the supply side.

We are monitoring our intelligence sources carefully, but we must tread very lightly over the next few months as this market rally will eventually peter out. The market news and trends, despite being gloomy have not been able to create a sizable correction. The swine flu, bankruptsy of Chrysler all have not created massive sell offs (yet).  Therefore in the short term we still have upward momentum in the markets, however an increase in flu activity may cause a kneejerk reaction. The ultimate blow off phase still lurks.

Gold and Silver, despite being in a buy signal currently need to be closely watched. Our friends at Elliotwave still see a downward leg near the $700 area before the true upleg begins. Silver also has a downside target near the $9 level. It is possible that we may further rally before an even larger correction, so we'll keep a close eye on it.

GDX is still not a confirmed buy, and will most likely end the week without anything meaningfull. 

More updates on the AG's this weekend along with any other new developments.