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

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers didn't extend positions to any notable new extremes, despite the volatility across markets. For the first time in a while, they did show some eagerness in covering their massive short exposure to major equity index futures. They covered about $48 billion worth of short exposure, the 3rd-largest weekly change in exposure in any direction since 1986. Hedgers continued to add to their already-large net long in 10-year Treasury futures. The Backtest Engine shows that the TLT fund had a positive 3-month return after 95 out of 118 weeks when hedgers held more than 15% of open interest net long. We've been highlighting the historic long position in palladium for months, and even with the large rally in recent weeks, hedgers have barely adjusted their positions, still holding rare net long exposure.