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COT Comment *PIC*

Greetings CTF,

The week in review brought us following changes:

- hedgers (in red) cut 1,200 longs and added 1,200 shorts. Net - 2,400 to the short side;
- non-hedgers (in orange) added 2,700 longs and cut 1,800 shorts. Net - 4,500 to the long side;
- managed money (in yellow) added 2,900 longs and cut 1,800 shorts. Net - 4,800 to the long side.
5 funds joined bulls and 3 funds left bears.

Large difference between numbers of hedgers and non-hedgers is attributed to non-reportable group, small traders. Time will tell if they were right or this shot in the dark was a miss. Generally speaking this group has least amount of information so you can make your own guess.

Net position indexes (in green) made small moves - non-hedgers became a bit less bearish, hedgers - a bit less bullish.

OI index (in blue) is still at maximum.

Market participation (in purple) in virtually unchanged.

GL&GT.