Total open interest rose to 523,078 from 518,643, with spreads increasing again (now 12.4% of the total), suggesting increasing indecision. This meant that the total nett position was actually lower, at 458,203, against last week's 459,101. All the nett positions increased, with commercials now -50.4%, big specs long 41.6%, and small specs long 8.8% - none of these are out of the ordinary.
Percent figures (after excluding estimated spreads) were:
Market long positions - Commercials 38.0% (from 39.2%), Big Specs 49.0% (from 48.5%), Small Specs 13.0% (from 12.3%)
Market short position - Commercials 88.4% (from 87.6%), Big Specs 7.4% (from 8.1%), Small Specs 4.2% (from 4.3%)
Overall, Commercials cutting longs and adding to shorts suggests difficulty with higher prices from here.
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