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

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established only one new multi-year extreme this week, in eurodollars. Their net long position now accounts for more than 20% of open interest, among the largest positions in 20 years. Extremes in hedger positions in eurodollars have a decent record when compared to 10-year Treasuries and gold, suggesting both could rise off this extreme. Hedgers continue to hold a large net long position in 10-year Treasuries though they reduced it a bit this week. They didn't buy the dip in stocks, adding to massive net shorts in the S&P 500 and other major equity index futures where they once again are holding about $100 billion worth of net short positions. One of the few markets where they have held - and continue to hold - a massive net long position is palladium.