Daily Market Notes
Our 55,400 Is Right. At the Agency It Is Two Desks Facing Opposite Ways.
Five runs of quoting a 55,400 net long, and at the agency itself it is 55,440 — non-commercial longs of 176,266 against 120,826 short, with the prior week's 71,982 matching the vendor's 72.0 thousand. But the same release cuts the identical 360,720 of open interest a second way, and asset managers are net long 51,634 while leveraged funds are net short 14,161. Last week they moved in opposite directions, and the leveraged-funds change alone was 1.30 times the headline move. The net fall was 96.8 per cent long liquidation: 16,008 longs closed against 534 shorts opened. And it was measured on 29 September, three days before the payrolls print.