Hello, Subscribers:
Haymaker readers have been trained — some might say brainwashed — into viewing extreme long and short positioning by money managers (usually hedge funds) as contrary indicators. In other words, a wise investor in commodities almost always wants to position in the opposite manner when the red line below is extremely extended either up or down. For example, late last year, when the consensus was ferociously bearish, was an excellent time to be accumulating oil. (By the way, the same was true in 2020 and the late summer of 2024 when the bears were also on the rampage.)
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