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Clarification on Commercial Activity
The non commercial sectors collectively bought 3,591 lots, Therefore, commercials had to liquidate 3,591 lots of their longs. The COT shows that that commercials sold 87 new lots. This is correct but we donít know what was added as new shorts and what was liquidated, possibly in a different month, when the market strengthened. We donít know what the true picture is but there are reasons to suspect origin selling, namely, forward activity and Real weakness.