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COT Comment *PIC*


We had a week of rising market, something bulls hoped for quite some time. Changes:
- hedgers (in red) cut 5,100 longs and 500 shorts. Net - 4,600 to the short side;
- non-hedgers (in orange) cut 900 longs and 6,500 shorts. Net - 5,500 to the long side;
- managed money (in yellow) added 200 longs and cut 6,300 shorts. Net - 6,500 to the long side.
One fund joined bulls, 5 left bears.

Indexes behaved in following manner:
- net positions (in green) - managed money left extreme bearish territory and hedgers became a bit more bearish. Hedgers are away from any extremes;
- OI index (in blue) dropped significantly, it is low now but it is not at extremely low levels;
- market (share) participation (in purple) remained unchanged.

With all this in mind I see that specs are not in a rush in or out and market is still weak as confirmed by drop in OI during price move up. I still see plateau phase with some downward bias for coming few weeks. Next will be grey area - period of rebalancing and peak of summer in Brazil.