October 22nd: Commitment of Traders Report

The US Dollar is Strengthening Net Long

CAD Net Position Short
 The USD has been very strong this week, China
100,000
decided to increase its interest rate 25bps leading to a
stronger dollar. As a result, most currencies were sold 80,000
off relative to the USD.
 The CAD sold off almost 2% on news out of China. 60,000
Investors cut their long exposure by 13,045 to 30, 740. 40,000
However, short speculators decreased their positions
as well. 20,000
 The Euro continues to climb against the USD despite
0
bearish sovereign data; EUR net long positions
increased by 5,237, currently standing at 46,748. -20,000
 JPY net long positions remained relatively unchanged,
-40,000
up 2,111 for the week to 49,856. Despite a change in
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
monetary policy and further currency intervention, the
JPY is still viewed as a safe haven for investors. Contracts of 100,000CAD w/w change
 The AUD remains strong, although speculative Date Long Short Net Long Short Net
positions decreased by 8,510 for the week. Net long October 19, 2010 47,852 17,112 30,740 -15,431 -2,385 -13,046
positions are now at 59,181 vs. a 1-month high of October 12, 2010 63,283 19,497 43,786 374 -734 1,108
69,533. October 5, 2010 62,909 20,231 42,678 19,831 5,023 14,808

 The Swiss Franc has been materially weaker over the September 28, 2010 43,078 15,208 27,870 -3,907 -1,962 -1,945

week, with the currency moving from 0.95 to just

under 0.98. As a result, net long positions were cut by
8,712 to a 2-month low 11,235. EUR Net Position Net Long Short
 The S&P continues its climb, reaching a 2010 high. 200,000
QE2.0 has put a floor under equities, with the S&P500
advancing 8.8% in September, and up 3.1% in 150,000
October. Net long positions increased by 4,218 to
100,000
27,738.
 Gold has been hit hard on CNY action and USD 50,000
strength. Net gold positions declined slightly from
their 2010 high, subsiding at 249,752. Currency wars 0
are having a direct impact on gold prices. -50,000
 10-year US Treasury positions hit an 12-month high of
67,347. With monetary easing expected by the Fed and -100,000
a flattening of the yield curve have led to front-
-150,000
running by investors.
Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10

Contracts of 125,000EUR w/w change

Date Long Short Net Long Short Net
October 19, 2010 74,855 28,107 46,748 6,137 900 5,237
October 12, 2010 68,718 27,207 41,511 -4,261 2,471 -6,732
October 5, 2010 72,979 24,736 48,243 2,341 -10,572 12,913
September 28, 2010 70,638 35,308 35,330 18,338 -11,895 30,233

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 Net Long Net Long
JPY Net Position Short
GBP Net Position Short
400000 100,000
350000 80,000
300000 60,000
250000 40,000
200000 20,000
150000 0
100000 -20,000
50000 -40,000
0 -60,000
-50000 -80,000
-100000 -100,000
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10

Contracts of 100,000JPY w/w change Contracts of 62,500GBP w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
October 19, 2010 66,554 16,698 49,856 91 -2,020 2,111 October 19, 2010 34,708 28,912 5,796 -5,162 -2,892 -2,270
October 12, 2010 66,463 18,718 47,745 -403 1,058 -1,461 October 12, 2010 39,870 31,804 8,066 2,806 4,143 -1,337
October 5, 2010 66,866 17,660 49,206 21,730 1,190 20,540 October 5, 2010 37,064 27,661 9,403 10,339 -1,258 11,597
September 28, 2010 45,136 16,470 28,666 5,188 -378 5,566 September 28, 2010 26,725 28,919 -2,194 8,867 2,072 6,795

Net Long Net Long

AUD Net Position Short
CHF Net Position Short
100,000 40,000

80,000 30,000

60,000 20,000

40,000 10,000

20,000 0

0 -10,000

-20,000 -20,000

-40,000 -30,000
Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10

Contracts of 100,000AUD w/w change Contracts of 125,000CHF w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
October 19, 2010 71,661 12,480 59,181 -8,036 474 -8,510 October 19, 2010 24,908 13,673 11,235 -6,596 2,116 -8,712
October 12, 2010 79,697 12,006 67,691 -2,174 -829 -1,345 October 12, 2010 31,504 11,557 19,947 -189 2,463 -2,652
October 5, 2010 81,871 12,835 69,036 452 949 -497 October 5, 2010 31,693 9,094 22,599 4,038 1,432 2,606
September 28, 2010 81,419 11,886 69,533 3,475 -1,734 5,209 September 28, 2010 27,655 7,662 19,993 1,383 -4,148 5,531

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 Net Long Net Long
S&P 500 Net Position Short
Crude Oil Net Position Short
150,000 350,000
300,000
100,000 250,000
200,000
50,000
150,000
100,000
0
50,000
-50,000 0
-50,000
-100,000 -100,000
Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Contracts of $250 w/w change Contracts of 1000 Barrels w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
October 19, 2010 45,374 17,636 27,738 989 -3,229 4,218 October 19, 2010 310,303 209,473 100,830 -14,690 13,806 -28,496
October 12, 2010 44,385 20,865 23,520 1,246 67 1,179 October 12, 2010 324,993 195,667 129,326 5,630 -7,670 13,300
October 5, 2010 43,139 20,798 22,341 5,079 -479 5,558 October 5, 2010 319,363 203,337 116,026 25,893 -28,637 54,530
September 28, 2010 38,060 21,277 16,783 11,017 -396 11,413 September 28, 2010 293,470 231,974 61,496 6,442 -11,154 17,596

Net Long Net Long

Gold Net Position Short
10-Year UST Note Short
350,000 700000
600000
300,000
500000
250,000 400000
200,000 300000
200000
150,000 100000
100,000 0
-100000Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10
50,000
-200000
0 -300000
Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 -400000

Contracts of 100oz w/w change Contracts of USD100,000 w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
October 19, 2010 299,275 49,523 249,752 -5,289 563 -5,852 October 19, 2010 259,147 191,800 67347 2,706 -8,893 11599
October 12, 2010 304,564 48,960 255,604 3,993 8,009 -4,016 October 12, 2010 256,441 200,693 55748 23,813 -8,338 32151
October 5, 2010 300,571 40,951 259,620 3,299 1,328 1,971 October 5, 2010 232628 209031 23597 16,109 27,627 -11518
September 28, 2010 297,272 39,623 257,649 10,704 -2,932 13,636 September 28, 2010 216519 181404 35115 -16,878 1,342 -18220

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