Bullish Review is the only market letter exclusively devoted to analysis of the Commitments of Traders report for 20 straight years. Steve spends about 12 hours reviewing each weekly release. This would be a huge time investment for most futures traders. If professional money managers use Steve's expertise instead of relying on in-house research, shouldn't you take the same advantage?

Bullish Review provides professional-level research in the two areas of market analysis conventional techniques often miss:

• Fundamental Analysis: Who knows the fundamentals better than the trade? Much of what passes as fundamental information actually originates from the large commercial houses. Even assuming that the information is factual, do you know how to interpret it? Do you think commercials release actionable research before they take action on it? What we want to know is whether commercials think fundamentals are bullish or bearish and—this is the most important detail—at what price levels they are acting.


• Sentiment: There are all kinds of sentiment measures available. Most are based on surveys; what traders say they are going to do. Why count on surveys when you can get a true reading of the market sentiment of large speculators (commodity and hedge funds) and small traders from their actual market positions, revealed by the COT report? This is gospel, not hearsay.

Natural gas is a good example of using the COT data to gauge market fundamentals AND sentiment to your advantage. Many people assume that natural gas prices are no more predictable than the weather. To make matters worse, we now know that Enron and others manipulated natural gas prices in 2000-2001. Although at least 25 companies and individuals ended up paying $250 million in fines to the CFTC, this was little solace to California or the hundreds of natural gas traders torn up by commercial price manipulation. The next chart shows direct quotes from Bullish Review. The market manipulators could not hide from the COT report or Briese's analysis.