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, a long position in eurodollars. They aggressively reduced their record short position against the S&P 500 and major equity index futures but have a long way to go to unwind those positions and approach anything close to what has proved to be a positive for stocks. They continued to sell VIX futures and are now holding only 11% of open interest net long, the 2nd-smallest position in 3 years. A more reliable signal to expect lower volatility is when they actually go net short the VIX, however. Hedgers picked up their short covering in gold, now holding one of their smallest net short positions in 2.5 years. But, again, they have a long way to go before their positioning would be at a level that has consistently preceded rallies in the metal.