Before we get into the core visualizations, here are this week’s key observations:

  • Wheat net spec positions on the CBOT dropped substantially, from a record 36.7k to 25.9k W/W, even as they hit a fresh record on the KCBOT, at 71.6k from 67.6 W/W.
  • After some fireworks earlier in the year, Cocoa net spec positions have plunged to the lowest in the year, and the first negative print in 2010, at -1.6K, compared to 8.1K the week prior.
  • Silver COMEX net specs surged to the highest in 2010, hitting a 2010 record of 44.8K, compared to 34.8K the week prior.
  • Gold Comex net specs came at the second highest print of 2010 at 238K, an increase from 221K the week prior, lower only to the 244K recorded on June 22.
  • Currencies:
    • CHF – jumped to the highest in a month, at 14.3k, from 13.9k W/W
    • GBP – jumped to the lowest in over a month, at -15.3k, from -4.4k W/W
    • JPY – remained flat at 49.9K, compared to 51.0k W/W
    • EUR – short bets continue to increase in straight line, after hitting a 2010 high of -3.7K on August 10, the are now down to -25.6K, compared to -21.6K the week prior.
  • The most interesting observation is the net spec breakdown in 2 Year, 5 Year and 10 Year Treasury: as can be seen on the chart below, 10 Year positions surged Week over Week, jumping by a stunning 80k contracts, to 62.9K from -19.9K the week prior. This was only the first time this series has gone positive for the entire year. This is a major bullish inversion point at a time when the 10 Year is finally starting to decline. Someone may get burned…

And here are select visualized COT’s, courtesy of Libanman Futures

Consolidated commodities (non financials) COT report:

 

Financial COT report:

 

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