COT data of Dec 31st 2013 - British Pound [BP]

British Pounds - Total o/i  206886; spreads 3104 (= 1.5%). Closing price on Dec 31st: 1.6565

Nett differences:
Commercials -45581 (from -34332)  Large Specs +22781 (from +14420)  Small Specs +22800 (from +19912)
 
Proportions:

Commercials (60.4% of total o/i) - 49.2% of Longs, 71.6% of Shorts, balance minus 22.4

Large Specs (24.9% of total) - 30.5% of Longs, 19.3% of Shorts, balance plus 11.2
Small Specs (14.7% of total) - 20.3% of Longs, 9.1% of Shorts, balance plus 11.2

 

Commercials added to longs, but added even more to shorts. Large Specs reduced longs (proportionately), but reduced shorts even more, taking their share of total o/i to quite a low level. Small Specs added to longs, and retained a comparatively large share of total o/i. We repeat our previous comment - the long position held by Small Specs seems to be becoming rather excessive, and on this basis we could expect any fall, once it starts, to be noticeable. However, if you prefer to follow the lead of the Large Specs (which we do not!), you will note that their nett long is the highest since January last year.