First Drop in 6 Weeks in Hedge Fund Commodity Longs

[Bullitt]

Hedge funds and other big speculators have pulled more than $5 billion from U.S. commodity markets, cutting their net long position for the first time in six weeks after sending oil, metals and crop prices to multimonth highs, trade data showed Friday.

Source: First drop in 6 weeks in hedge funds commodity longs - Chicago Tribune

Maybe this will bring some relief at the gas pump. That in itself is the best form of stimulus.

 

[James48843]

Oil futures now showing down slightly at minus -0.70% at $91.65.

Japan off slightly, and S&P futures down 3/10ths of a percent.

 

[Bullitt]

Possible double top in UGA.

 

[Bullitt]

re:UGA Double top panned out, now looking at a bear flag forming. Keep going lower....

Oil down almost $15 since early October when hedge funds began dumping. Give the big trends time to work their course.