COT REPORT REVEALS MASSIVE PLUNGE IN SILVER COMMERCIAL NET SHORT POSITIONS!!

We were looking for a bullish COT report after last Thurs-Monday's severe sell-off in silver.  Boy did we get one.
The commercials reduced their futures short positions by 10,794 contracts, or 53.97 MILLION OUNCES!

Combine options with futures positions, and the commercials reduced their silver shorts by 11,571 contracts- 57.855 MILLION OUNCES!
This is clearly the most bullish silver COT report we have seen in ages.
Could silver decline further from here and see an even greater reduction in commercial shorts? Sure, but from a long term perspective, this is an extremely bullish set-up.

Silver COT Report - Futures
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
25,153	9,728	18,511	38,025	62,287	81,689	90,526
-8,794	-1,681	915	5,652	-10,794	-2,227	-11,560
Traders
62	38	43	42	42	128	102
	Small Speculators
	Long	Short	Open Interest
	20,325	11,488	102,014
	-7,862	1,471	-10,089
	non reportable positions		Change from the previous reporting period
COT Silver Report - Positions as of				Tuesday, September 27, 2011

Silver COT Report - Futures & Options Combined
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
25,509	5,615	54,745	52,423	82,671	132,677	143,030
-8,872	36	1,255	6,952	-11,571	-664	-10,279
Traders
88	34	77	44	46	161	132
	Small Speculators
	Long	Short	Open Interest
	24,177	13,823	156,853
	-10,066	-451	-10,730
	non reportable positions		Change from the previous reporting period
COT Silver Report - Positions as of				Tuesday, September 27, 2011