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

The 3-Year Min/Max Screen shows that "smart money" hedgers didn't make many major changes this week, with no new multi-year extremes in their positioning. They reduced their near-4-year-extreme net short against the U.S. dollar by a small amount. They added again to a massive net short position against major equity index futures contracts, though to reiterate, we place less weight on this data for stocks as it's been acting oddly since last summer. Over the past 3 weeks, hedgers have held more than 15% of open interest net long in 10-year Treasury notes. The Backtest Engine shows that the TLT fund rallied 83% of the time over the next 3 months, averaging +3.5%, after similar behavior. They've started to reverse a record long position in palladium, typically what we see near the beginnings of major sustained rallies. Massive short positions in coffee and cotton have had no impact, similar to 2010 when many ag markets went parabolic.