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To: Shack who wrote (18272)10/28/2001 7:31:48 AM
From: AllansAlias  Respond to of 209892
 
. The commercial position is really just a mirror image of the small spec+large spec position.

This is mostly true. Note that this week the change occurred between the Large and Smalls, with the Large selling thousands of contracts to the Smalls. The spread between the Large and Small is growing, while the spread between the Large and Commercials is narrowing.

The most notable feature of the chart imo is the bullish divergence, where the Commercials were less short at a deep new low in September.