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 make many major moves this week, at least enough to push them to multi-year extremes. They pulled back a bit on S&P 500 futures positions, reducing their net long exposure in major equity index contracts. Still, anytime they've been net long over the past 12 years, it's preceded positive returns in the major indexes. They're starting to build up long positions in the VIX, something to watch in the weeks ahead, especially if it gets above 150k contracts. They're already holding nearly 30% of open interest net long, a bit of a worry as the VIX can spike after hedgers build up substantial long exposure (like any indicator, it's not perfect). They continued to add to Ultra 10-Year Treasury notes, holding a new record long position, though they reduced them a bit in the regular 10-year contract. Hedgers are also still adding to oil and energy contracts in aggregate.