Good action here. Lots of spec interest coming from the Managed Money side of the equation whose buying is now driving this market higher.
As you can see on the chart, they have ramped up their net long holdings but even at that remain rather lightly invested in this market, even at current price levels seeing that they are still well off their recent peak holdings.
Swap Dealers and Commercials are once again plying their craft of "Sell, Sell, Sell".
The other large reportables are steadily drawing down their net long holdings and are also at a relatively low level of exposure to the long side compared to the recent past.
The general public, the small specs, are showing some interest in the long side again.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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