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COT Comment *PIC*

Greetings,

The week in review marked an attempt of bulls to change the tides but not much progress as of today. Changes:

- hedgers (in red) added 4,500 longs and cut 1,300 shorts. Net - 5,700 to the long side,
- non-hedgers (in orange) added 1,400 longs and 7,900 shorts. Net - 6,600 to the short side,
- managed money (in yellow) added 300 longs and 9,600 shorts. Net - 9,300 to the short side.
4 funds joined bulls, 2 funds joined bears.

Net position indexes (in green) showed predicted outcome - hedgers added to bullish side, speculators - to bearish one. Something of interest - after many weeks of decline OI index (in blue) showed some growth.

Market participation index (in purple) shows that hedgers gave a piece of market share to non-hedgers.

Impressive change in position of managed money does not show big changes to charts, the price did not move a lot. However, significant move on 25th of August and reversal on 29th may explain this. Indexes are away from extremes. I have no conclusions about further moves. Theoretically it should go down but external political developments and weather may play their roles.