British Pounds - Total o/i 271602, spreads 23738 (8.7%). Closing price June 10th 1.6755
Nett differences: Commercials -51429 (from -45320) Large Specs +35842 (from +34974)
Small Specs +15587 (from +18346)
Proportions:
Commercials (61.4% of total o/i) -
51.0% of Longs (from 53.1%), 71.8% of Shorts (vs 72.3%), balance minus 20.8 (vs minus 19.2)
Large Specs (27.1% of total) -
34.4% of Longs (from 33.6%), 19.9% of Shorts (vs 18.8%), balance plus 14.5 (vs plus 14.8)
Small Specs (11.5% of total) -
14.6% of Longs (from 13.3%), 8.3% of Shorts (vs 8.9%), balance plus 6.3 (vs plus 4.4)
Most sectors reverted to their positions of 2 weeks ago, when we had said we found they gave us little guidance - we go back to that comment. The switch of months, from June to September (influencing the spread figures in particular), may mean postponing decisions for another week, although the comparatively small long position held by Small Specs keeps us biased to the bull side. However, the strong rally of the last two days may have already fulfilled that promise.
(The Dollar Index does not help much, with Large Specs - who hold exactly 75% of the total o/i - being as close to square as make no difference.)
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