The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continue to sell commodities in general and agriculture in particular. Most other contracts showed modest reversals of previous extremes, such as long exposure to the dollar, and shorts against gold. They also became less short 10-year T-notes and less long 30-year T-bonds, an odd mix that has only happened twice before. The most notable change was in stocks, where they went from being net long $46 billion worth of major equity index futures 3 weeks ago to $36 billion net short this week. Hedgers take the opposite side of large and small speculators, so this suggests that speculators rushed into stocks. That $82 billion swing is twice as large as any other 3-week stretch in history and it lessens what had been a bullish support for stocks since March.