The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows mostly the same extremes as last week, with "smart money" hedgers buying more U.S. dollars while selling the euro, yen, and franc. They also bought more mini S&P futures, driving their net long in major equity index futures above $30 billion. This has been extremely bullish since March, with the biggest caveat only that their behavior has diverged from how they've typically behaved over the past decade. There's no reason this is not bullish other than the simple idea that it's not how this group of traders has typically reacted. Hedgers are also still net short more than 3% of the open interest in 10-year Treasury futures. The Backtest Engine shows that over the past decade, 10-year futures rose over the next 3 months after only 6 out of 36 weeks, averaging -1.6%, when hedgers held this kind of position. It also shows that gold tended to dip, with GLD rising 33% of the time.