COT Report

Source: U.S. Commodity Futures Trading Commission (WWW.cftc.gov)

Commitments of Traders:

The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for market reports in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.

Reports are available in both a short and long format. The short report shows open interest separately by reportable and nonreportable positions. For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading, changes from the previous report, percents of open interest by category, and numbers of traders.

The long report, in addition to the information in the short report, groups the data by crop year, where appropriate, and shows the concentration of positions held by the largest four and eight traders.

Supplemental reports show aggregate futures and option positions of Noncommercial, Commercial, and Index Traders in 12 selected agricultural commodities.

Index	Trader Group	Friday 10/12/07	Friday 10/19/07	Difference
Dow Jones Index Composite	Commercials	1720	-39	-1759
	Large Traders	-730	-1351	-621
	Small Speculators	-990	1390	2380
NASDAQ 100	Commercials	3523	2509	-1014
	Large Traders	3552	3331	-221
	Small Speculators	-7075	-5840	1235
S&P 500	Commercials	62366	53142	-9224
	Large Traders	-37004	35305	72309
	Small Speculators	-25362	-17834	7528
Russell 2000	Commercials	4368	3717	-651
	Large Traders	-8880	-8545	335
	Small Speculators	4512	4828	316

Why the small speculators have to increase their futures positions at the worst possible moment for all the indexes all the time? What a coincidence?

Do you want to follow the small guys (grandpa and grandma)or the commercials (GS, big guys)? Interpretation will follow.

Enjoy,

Mkt Swimmer