Commercials +22615 (from +66046). Large Specs -20406 (from -53687). Small Specs -2209 (from -12359). The change in Commercials' positions from 2 or 3 weeks ago, when they were nett long over 100,000 contracts, demonstrates the importance of the "proportional" approach.
Commercials (40.2% of total o/i) - 48.3% of Longs, 32.0% of Shorts, balance plus 16.3
Large Specs (41.5% of total) - 34.2% of Longs, 48.9% of Shorts, balance minus14.7Small Specs (18.3% of total) - 17.5% of Longs, 19.1% of Shorts, balance minus 1.6
As the best signals are given at times of extremes - of optimism or pessimism - among the classes of participants, and as this time around there are no extremes, we shall wait before committing.