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

There was a delay in the Commitments of Traders report on trader positioning due to last week's Veteran's Day holiday. The 3-Year Min/Max Screen shows few new extremes other than "smart money" commercial hedgers establishing a multi-year extreme short position against the Japanese yen and continued selling in soybeans. They remain heavily short commodities in general and agriculture in particular. For soybeans, the Backtest Engine shows that when hedgers held 30% or more of open interest net short, the contract consistently fell in the weeks and months ahead. To be fair, this has been "extreme" since September and many of these contracts continue to gain, suggesting the probability of a long-term change in trend from the past decade of morass. In stocks, hedgers covered their short by a modest degree but there's nothing notable there. Same with bonds, where they are heavily long 30-year Treasuries but short the 10-year, an odd mix that's only been seen twice before.