source of the first chart: http://cotsignale.de/artikel/52-meta...e-20130126.pdf -> p. 5
The interesting part of the chart is the commercials (red) vs large speculators (green) positioning in paper markets. Speculators are massively long and commercials are massively short. A massive correction is basicly a certainty. I'm opening a paper short tomorrow. Target $690 (50 dma) for starters.
The 50dma has massively diverged from the 200dma and the spot price has diverged massively from the 50dma. That's a classical indication that a correction is overdue.
Palladium's long term seasonality is also turning bearish in February:
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