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

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continued to sell commodities aggressively. Thanks to adding short exposure to contracts like soybeans, their total shorts against agriculture contracts moved to another multi-year low and to commodities in general an all-time low. It's been extremely hard for commodities to gain ground when hedgers were betting this heavily against them. They also added to shorts against 10-year Treasuries. And for the 1st time since the spring, they sold equity index futures aggressively, reducing their net long position by a massive $39 billion in a single week. The prior record reduction was about $24 billion in September 2007 but we don't read too much into week-to-week gyrations. Over the past decade, stocks have done well when hedgers were net long, which they continue to be.