Money Managers Short More Oil, Gold, Buy Sugar

The just-released Commitments of Traders report showed more of the same trend as in past weeks.

Money managers have gone to an even larger all-time extreme against gold (positions are as of Tuesday's close).

Same for crude oil. Both commodities have a history of responding in a contrary way to extremes like this, suggesting a risk/reward that's skewed to the upside for the coming weeks/months.

At the other end of the spectrum, they've neared a five-year high net long position in sugar. The last two times their position exceeded 150,000 contracts, sugar was forming a peak.