Commercials +103998 (from +85169). Large Specs -76976 (from -65355). Small Specs -27022 (from -19814).
Commercials (51.5% of total o/i) - 76.4% of Longs, 26.6% of Shorts, balance plus 49.8
Large Specs (34.5% of total) - 16.0% of Longs, 52.9% of Shorts, balance minus 36.9Small Specs (14.0% of total) - 7.6% of Longs, 20.5% of Shorts, balance minus 12.9
Last week we suggested that it might be best to wait until more commitment was shown by either Commercials or Small Specs - or both. This week we have that commitment - Commercials (the class we like to follow) have gone longer, both outright and proportionately, while Small Specs (the class we like to shade) have gone shorter. Large Specs are with the current trend, cutting longs and (slightly) adding to shorts as the market eases. Based on these figures, it seems likely that Sterling will strengthen against the Dollar.