Tuesday, April 22, 2014

Markets: Speculative Positioning Update

Below some selected charts for global speculative positioning (compiled from CFTC CME, CFTC CBOT, CFTC CMX and CFTC NYMEX data). The red line is the asset price levels (on RHS axis) and the blue lines is the outstanding net speculative interest

The theme is, as usual, momentum chasing, with most asset positioning closely tracking the performance. The exception to the rule is VIX. Of the notable changes, the wheat and the corn have seen a strong turn around in the short interests as is the case for Aussie dollars. The opposite was seen for gold, which has a serious reduction in long interest after peaking in March. Equities remain marginally net short, except Nikkei 225 where the long interests strengthened in recent times. Commodities mostly strengthened. And rates remain mixed, with strong short interest in the belly and otherwise for the short end as well as long end.

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