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COT Comment *PIC*


The week of 21-27 March brought some relief but not enough to call it victory. Changes:
- hedgers (in red) added 1,200 longs and 4,000 shorts. Net - 2,800 to the short side;
- non-hedgers (in orange) added 1,700 longs and cut 1,400 shorts. Net - 3,200 to the long side;
- managed money (in yellow) added 3,600 longs and cut 500 shorts. Net - 4,100 to the long side.
4 funds joined bulls and 5 funds left bears.

Net position indexes (in green) show that managed money made a step away record bearish position. A small step.

OI index (in blue) added and not too far from record readings.

Market participation (in purple) shows no changes - speculators hold the grip on the market, presence of hedgers is on contrary very small.

Conclusion - we are still not out of bearish woods.