The latest Commitments of Traders report was released, covering positions through last Tuesday

Last week, "smart money" commercial hedgers mostly continued their trend of selling copper and pretty much anything that grows. They maintained or furthered their bets against corn, soybeans, and sugar. As we've been noting for a while, this is a change in behavior in these contracts - over the past decade, when hedgers established large short positions, they would just roll right over to new lows. That has not happened in recent months, and suggests that the larger trend has changed for the better. In stocks, they've once again moved to a net long position of more than $12 billion. The Backtest Engine shows that over the past 10 years, when hedgers were net long more than $10 billion of major equity index futures, the S&P 500 was higher 3 months later after 57 out of 59 weeks, averaging 7.1%.