Commercials -49639 (from -40297) Large Specs +28802 (from +22323) Small Specs +20837 (from +17974)
Commercials (63.0% of total o/i) - 52.8% of Longs, 73.3% of Shorts, balance minus 20.5Large Specs (24.8% of total) - 30.7% of Longs, 18.8% of Shorts, balance plus 11.9
Small Specs (12.2% of total) - 16.5% of Longs, 7.9% of Shorts, balance plus 8.6
Commercials have added slightly to their longs, but increased their shorts to a much greater extent. Both Large and Small Specs, on the other hand, have increased their longs. Even though fundamentals appear to suggest the opposite, Commitments remain (in our opinion) biased to the bear tack.
The big increase in spreads generally denotes indecision - perhaps a major turning point is approaching?