Hedge Funds Dumping Commodities May Mark a Peak Managed money (hedge fund) net-longs in broad commodity futures have dumped below where they were at the end of February, after pumping due to the Iran conflict. My graphic highlights what might signal a top in the Bloomberg Commodity Spot Index (BCOM): speculators have sold out to about 4.5% net-long of BCOM constituent open interest after peaking near 11% in May. What's notable is that, before the Iran conflict at the end of February, net-longs were higher near 5.2%. Is the BCOM backup a dip to buy or a peak? My bias leans to the latter. The graphic features a potential top risk for all markets -- the BCOM's same-chart syndrome with the S&P 500 since about 2024. The majority of positions are petroleum, emphasizing the significance of WTI crude oil's next move. My bias is toward $50 a barrel by midterms. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tgo4eokgzany {BI COMD} #commodities #futures #hedgefunds #stockmarket @Bloomberg(Mike McGlone)