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Do the Commercials Use Similar Levels of Leverage?
How often do you see the commercials in the commodities get neutral or even net long? It depends which commodities but like things like the metals it's very rare to see that. Last week I was looking at the C.O.T. report for the S&P 500 and I noticed an unusually large difference between the large speculators and the commercials. And this difference was greater now than it was at the March 2020 lows.