Commitments of traders · weekly tape

Who's leaning
which way.

REPORT WEEK2026-09-29Tue → pub Fri
7 divergences
marketspecshedgers
natgas-henryhublegacy+0.6714-0.6735
natgas-henryhubdisagg-0.0141+0.0025
goldlegacy+0.5379-0.6175
golddisagg+0.2960-0.0523
bitcoinlegacy-0.2166+0.0587
bitcointff-0.4316+0.0319
cornlegacy+0.2743-0.2415
corndisagg+0.2053-0.3946
silverlegacy+0.2063-0.3738
silverdisagg+0.0711-0.1543
ust10ylegacy-0.1587+0.1501
ust10ytff-0.3587-0.1298
copperlegacy+0.2836-0.3149
copperdisagg+0.2592-0.3464
sp500legacy-0.0752+0.0186
sp500tff-0.1965-0.3202
soybeanslegacy+0.2356-0.2137
soybeansdisagg+0.2262-0.2670
eurofxlegacy-0.0741+0.0475
eurofxtff-0.0460-0.2484
jpylegacy+0.1537-0.1552
jpytff-0.0393-0.2404
nasdaq100legacy+0.1599-0.2098
nasdaq100tff-0.1190-0.1901
vixlegacy-0.1890+0.1851
vixtff-0.0177+0.1661
crude-wtilegacy+0.0583-0.0759
crude-wtidisagg+0.0424+0.1701

Status: 7 divergence(s), 0 check failure(s) · 14 markets · week 2026-09-29

Largest speculator longs

  • natgas-henryhub (legacy): +67.1%
  • gold (legacy): +53.8%
  • gold (disagg): +29.6%

Largest speculator shorts

  • bitcoin (tff): -43.2%
  • ust10y (tff): -35.9%
  • bitcoin (legacy): -21.7%

Largest hedger longs / shorts

  • vix (legacy): +18.5%
  • crude-wti (disagg): +17.0%
  • vix (tff): +16.6%
  • natgas-henryhub (legacy): -67.4%
  • gold (legacy): -61.7%
  • corn (disagg): -39.5%

Stretched beyond ±50%

  • natgas-henryhub (legacy) hedge: -67.4%
  • natgas-henryhub (legacy) spec: +67.1%
  • gold (legacy) hedge: -61.7%
  • gold (legacy) spec: +53.8%

Biggest week-over-week moves

  • bitcoin (tff): spec -25.9%, hedge +14.7%
  • jpy (tff): spec -5.9%, hedge +4.6%
  • silver (disagg): spec -5.4%, hedge +2.0%
  • bitcoin (legacy): spec -4.7%, hedge +1.4%
  • jpy (legacy): spec -3.6%, hedge +4.7%

Alarms — read before trading off this tape

  • crude-wti hedge_pressure: views disagree on direction (legacy -7.6%, disagg +17.0%).
  • nasdaq100 spec_pressure: views disagree on direction (legacy +16.0%, tff -11.9%).
  • eurofx hedge_pressure: views disagree on direction (legacy +4.8%, tff -24.8%).
  • jpy spec_pressure: views disagree on direction (legacy +15.4%, tff -3.9%).
  • ust10y hedge_pressure: views disagree on direction (legacy +15.0%, tff -13.0%).
  • jpy spec_pressure: tff flipped sign while other views did not (now {'legacy': 0.153693, 'tff': -0.039258}) — possible reclassification.
  • bitcoin hedge_pressure: tff flipped sign while other views did not (now {'legacy': 0.058701, 'tff': 0.031877}) — possible reclassification.
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No resolved calls yet — first resolutions land next week. 32 call(s) pending.

This week’s calls (fade crowded specs, 2026-09-29)

marketpredicted price movespec pressure
bitcoinup-21.66%
copperdown+28.36%
corndown+27.43%
golddown+53.79%
jpydown+15.37%
nasdaq100down+15.99%
natgas-henryhubdown+67.14%
silverdown+20.63%
soybeansdown+23.56%
ust10yup-15.87%
vixup-18.90%

Track record by market

markethits/callsrate
Nothing resolved yet.

Experimental contrarian rule: spec > +15% → predict down, < −15% → predict up, else neutral. Tue–Tue closes via Yahoo Finance. Not financial advice.

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