Despite the pullback from 7K, Speculators are now near full S&Ps and remain underweight Nasdaq. 2’s positioning display potential for continued upside momentum. USD specs are even more long as Trend CTAs are now short DM FX across the board (excl AUD and CAD). WTI is finally showing cracks after seeing the first net-selling flows in 14 weeks (the dispersion between rising WTI and weakening positioning could be a tell here). Grains remain the most Offsides asset-class in Upper Extreme territory and continue to be a good lateral to the energy short.
