The following chart and data highlight non-commercial commodity futures trading positions as of May 29, 2018.
This data was released with the June 1 COT Report (Commitment of Traders). Note that this chart also appeared on my blog.
The chart below looks at non-commercial futures trading positions for the Russell 2000. For the week, the Russell 2000 (cash) climbed higher by +1.3%.
Here’s a look at Russell 2000 futures speculative positioning. Scroll further down for commentary and analysis.
Russell 2000 Futures: Currently net long 74.2k, up 9.1k.
Of major US equity indices, the Russell 2000 Index is the only one to have rallied to a new high after the late-January/early-February decline. From risk-taking perspective, this can be taken as bullish. But at the same time high-yield corporate bonds are severely lagging; risk appetite for these bonds has been on the wane for a while.
Amidst this, the breakout of two weeks ago on the cash (1647.98) was once again defended this week. Non-commercials further added to net longs, although ETF flows were a little shaky.
In the week ended Wednesday, $49 million came out of IWM (iShares Russell 2000 ETF), while IJR (iShares core S&P small-cap ETF) gained $198 million (courtesy of ETF.com).
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Author may hold a position in mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
