Sunday, July 18, 2010
Good News - Maybe
(click on image to enlarge)
The Commodity Futures Trading Commission (CFTC) regularly publishes its "Commitment of Traders" (COT) report.
Above shows the most recent data for Class III milk futures. Notice the headings. Non - commercial means, for the most part, speculators. Now notice the "shorts" are running away. This likely means prices are going to improve.
Next, notice the total number of traders. No sane person would call this a real market. However, most of the experts are recommending "risk management" which means beware once again of a thin, thin market.